Multiple Choice
Patrick Guitman recently graduated from college with $20,000 in student loans and $5,000 in credit card debt. He usually makes minimum payments on his debt and he has been late with three payments in the last year. He wants to buy a new car but was told that his interest rate on a loan would be very high. What is the most likely reason this might be so?
A) General interest rates are very low
B) His credit rating is poor which results in a higher interest rate
C) He already has a student loan outstanding
D) Recent graduates are not allowed to have more than $25,000 in debt outstanding
E) Interest rates must be tied to the CPI
Correct Answer:
Verified
Correct Answer:
Verified
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