Credit IQ quiz

For each question, select the response that best matches your situation.
  1. When do you normally pay your bills and make loan/credit card repayments?
    1. When I receive them/by direct debit
    2. As close to the due date as possible
    3. Sometimes I miss payments or pay late
  2. Do you struggle to meet your loan/credit card repayments?
    1. No
    2. Almost never
    3. Most of the time
  3. What portion of your credit card bills do you repay each month?
    1. The entire balance
    2. A good portion of the outstanding amount
    3. Only the minimum
  4. How much of the available credit on your cards do you owe?
    1. None – I pay off my balance every month
    2. Less than half
    3. Most or all of the line of credit
  5. Do you know the total amount of your loans?
    1. Yes
    2. I have a rough idea
    3. I'm afraid to add it up


Results

If your answers were mostly ‘a’ – congratulations, you have learned how to live within your budget.

If you answered ‘b’ to many questions – you are coping, more or less. Re-examine your budget to see where you can make savings.

If you answered ‘c’ to any of the questions, you should re-examine your financial priorities. You might consider:
  • Developing a new budget that will allow you to repay your debts – cut out non-essential items and reduce what spending you can
  • Contacting your lender(s) if you cannot make payments on time – they will help you to reschedule your debts
  • Drastically reducing your spending on credit cards – leave your card at home, if necessary
Bankruptcy is not an easy way out of debt. It will result in a period of hardship and will stay on your credit record for many years, affecting your ability to take out loans in the future.

Getting financial help – contact details for experts who can help in your country.

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