Introduction - IOU = I Own You

9 important questions on Introduction - IOU = I Own You

True or False, Debt uses the power of compound interest against you rather than for you.

True

Why is Credit Card Debt the number one most dangerous category in debt?

It has the highest interest rate of 10-20%.

How many years does Credit Card Debt or Consumer Debt require to double?

3.6 years
  • Higher grades + faster learning
  • Never study anything twice
  • 100% sure, 100% understanding
Discover Study Smart

What are the tips to pay off Credit Card Debts ASAP?

Cut expenses to the bone, pay off the highest interest first, and consider transferring the balance to cards with zero interest rate promotion.

Why is student debt the second most dangerous category?

It is difficult to forgive.

In Canada, what is a strategy to better manage student debt as a nurse?

Student Loan Forgiveness

What is the third most dangerous type of debt?

Mortgage

What are the tips when dealing with mortgage debt?

If the mortgage rate is less than 4%, pay minimum and invest the rest.  If the mortgage is higher than 4%, pay the mortgage first before investing.

True or False.  When you are an investor, the rule of 72 is your friend.  But if you have debt, the rule of 72 is your enemy.

True

The question on the page originate from the summary of the following study material:

  • A unique study and practice tool
  • Never study anything twice again
  • Get the grades you hope for
  • 100% sure, 100% understanding
Remember faster, study better. Scientifically proven.
Trustpilot Logo