FiCEP 2000 - Chapter 13 - 25 Exam | Questions
with 100% Correct Answers | Verified | Latest
Update 2026
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Terms in this set (44)
What are the life stages to set goals? - Elementary School
- Middle School
- High School
- Adulthood
- Retirement
What are the cash flow cycles ? Paycheck to paycheck
Monthly
Quarterly
Annually
Payday Lenders Payday lenders offer quick cash but at a high cost,
with additional fees and an endless debt cycle.
They typically do not report loan information to
credit bureaus, making it difficult to establish credit.
Some people turn to payday lenders to avoid
judgment by traditional financial institutions.
, Debt Management Options - Lifestyle adjustments
- Debt consolidation loans
- Debt management programs
- Debt settlement
- Bankruptcy
Lifestyle Adjustment After working together to develop a spending plan
Debt Management Options and strategy, if a member is committed and has the
resources to pay off their debt, a counselor can
guide them through a self-administered repayment
plan. If the member is unable to commit or lacks
the necessary resources, the counselor should
explore other options. Regardless of which option
the member chooses, they will need to make
lifestyle changes.
Debt Consolidation Loans Some members can use debt consolidation loans
Debt Management Options to pay off creditors. The loan may require closing
some accounts, so choose carefully to avoid
affecting credit score. Benefits include reducing
monthly payments, interest, and time to eliminate
debts. Remember, this loan is for restructuring
debt, not creating more.
Debt Management Program Debt Management Programs (DMP) aid in debt
Debt Management Options repayment while preserving or improving credit
scores. Non-profit credit counseling agencies work
with creditors to devise repayment plans with
smaller monthly payments, lower interest rates, and
eliminated fees.
with 100% Correct Answers | Verified | Latest
Update 2026
Save
Terms in this set (44)
What are the life stages to set goals? - Elementary School
- Middle School
- High School
- Adulthood
- Retirement
What are the cash flow cycles ? Paycheck to paycheck
Monthly
Quarterly
Annually
Payday Lenders Payday lenders offer quick cash but at a high cost,
with additional fees and an endless debt cycle.
They typically do not report loan information to
credit bureaus, making it difficult to establish credit.
Some people turn to payday lenders to avoid
judgment by traditional financial institutions.
, Debt Management Options - Lifestyle adjustments
- Debt consolidation loans
- Debt management programs
- Debt settlement
- Bankruptcy
Lifestyle Adjustment After working together to develop a spending plan
Debt Management Options and strategy, if a member is committed and has the
resources to pay off their debt, a counselor can
guide them through a self-administered repayment
plan. If the member is unable to commit or lacks
the necessary resources, the counselor should
explore other options. Regardless of which option
the member chooses, they will need to make
lifestyle changes.
Debt Consolidation Loans Some members can use debt consolidation loans
Debt Management Options to pay off creditors. The loan may require closing
some accounts, so choose carefully to avoid
affecting credit score. Benefits include reducing
monthly payments, interest, and time to eliminate
debts. Remember, this loan is for restructuring
debt, not creating more.
Debt Management Program Debt Management Programs (DMP) aid in debt
Debt Management Options repayment while preserving or improving credit
scores. Non-profit credit counseling agencies work
with creditors to devise repayment plans with
smaller monthly payments, lower interest rates, and
eliminated fees.
