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Pop Quiz

See how you score on this quiz from Dahlstrom+Company's pamphlet Out of Hock & Out of Debt:

1. True or False: The average American family spends over $1,200 on gifts durning the Holiday season.

2. True or False: People who co-sign a loan usually get stuck paying off the loan.

3. True or False: The average American has over $100,000 in their retirement account.

4. True or False: 75 percent of all credit card holders either pay off their credit card balances in full every month or pay more than the minimum monthly payment.  

5. True or False: If you send in the $25 minimum monthly payment on a credit card balance of $1,000 changing 18 percent, your new balance will be $975.

6. True or False: Debt consolidation is the main reason most people take out a second mortgage on their home.

7. True or False: Of 176 million credit card holders, 30 percent are delinquent and cannot pay their bills on time.

8. True or False: The average American family spends 40 percent of their annual food budget at vending machines, coffee shops, fast-food eateries, cafeterias, and restaurants.

9. True or False: Seven out of ten U.S. households own their won home.

10. True or False: "Job loss" is the most common reason cited for bankruptcy.

 

Scroll down for some surprising answers…

 

 

 

 

 

  1. False – $763
  2. True 
  3. False – $35,200
  4. True
  5. False – $990
  6. True
  7. False – 4%
  8. True 
  9. True
  10. True
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