What Is the First Rule When You Have Credit Card

question 64

Multiple Choice

What is the first rule when you have credit card difficulties?

• A)put the card down
• B)slow down the rate of credit purchases
• C)stop using the card for essential items
• D)avoid shopping malls

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Definitions:

Purchase Price

The amount of money paid or agreed to be paid by the purchaser to the seller for acquiring goods, assets, or services.

Collateral

Property or assets that a borrower offers to a lender to secure a loan.

Guarantor

is an individual or entity that agrees to be responsible for another's debt or performance under a contract, if the original party fails to meet their obligations.

Principal Debtor

The main individual or entity obligated to repay a debt or loan in the terms of a financial agreement.