The Majority of Household Debt in the United States Consists

question 43

Multiple Choice

The majority of household debt in the United States consists of

• A) credit card debt.
• B) consumer installment debt.
• C) collateralized loans.
• D) unsecured loans, such as student loans.

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Definitions:

Assignment

The act of transferring rights, interests, or obligations from one party to another under contractual agreements.

Sublease

A tenant’s transfer of all or part of the leased premises to a third person for a period shorter than the lease term.

Landlord's Consent

Approval granted by a landlord, typically required for certain actions by the tenant such as subletting, making alterations to the property, or assigning the lease to another party.

Nullify

To legally cancel or make void a contract, law, or other legal binding agreement.