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April 27th, 2009

Take the Credit Card IQ Test

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Do Americans spend more when they pay with cash — or with plastic? When are banks allowed to raise your interest rate?

To find out the answers to these questions and more, take the credit card IQ test. Eileen AJ Connelly of the Associated Press assembled a 10-question quiz which will test your credit card knowledge as well as gauge your credit score.

1. What’s more important for your credit score?

a) Your payment history

b) How many credit cards you have

c) How long you’ve had your cards

d) How many times you’ve applied for credit cards

2. True or False: Studies have shown that people spend more when they are using credit cards than when they’re shopping with cash?

3. The typical American carries a balance of $3,000 in credit card debt. If you make no more charges and pay only the minimum payment due each month, how long will it take to pay that debt off at 10% interest?

a) 2 years

b) 8 years

c) 18 years

d) 29 years

Click here to continue taking the quiz and score your results. After you’re finished, be sure to let us know how you fared.

Readers: How did you score? Did you know as much as you thought you did, or is there more that you need to learn? If so, what would you like to learn more about?

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

Our bloggers:

Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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