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Money Matters Chapter 4 Semester Exam Review

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Content:
Definitions:
0. The key to building wealth (according to millionaires)
1. Loan in which the equity in the home is used as collateral
2. Combining separate debt payments into a single payment
3. Living in today%27s society without debt requires this
4. A tax on the poor and people who can%27t do math
5. Myth: Home equity loan can be used for Emergency Fund
6. Myth: it is wise to take out an ARM mortgage..
7. Most expensive way to finance a new car
8. Myth: The lottery will make you rich.
9. Myth: Car payments are a way of life
10. Myth: Payday companies are a service for the poor
11. Number one target of credit card companies today
12. Mortgage loans where the interest rate is adjusted
13. Use this to help get you out of debt!
14. The typical millionaire drives this type of car
15. Amount that Payday lending loans costs the consumer

Answers:
0. debt
1. Truth: You will end up being responsible for the loan.
2. Truth: Life happens and something else will be more impt.
3. Truth: The relationship will be strained.
4. Truth: You will be moving when they foreclose on you
5. Truth: They are horrible, greedy rip off-s that benefit owners
6. Teens
7. A reliable, used car.
8. Paradigm shift
9. Staying debt free
10. myth
11. Truth: Don%27t go into debt for emergencies.
12. Home Equity Loan
13. Truth: Driving a used car is what the typical millionaire does
14. Diner%27s Club
15. The debt snowball