6
QuizMultiple Choice

Financial Responsibility

Question 6 • Personal Finance - EL3403

Which is a possible benefit of having a good credit history?

Answer
A
getting a high interest rate on a credit card offer
B
obtaining a low interest rate on a loan
C
obtaining a savings account
D
having a paycheck garnished

Explanation

A good credit history shows lenders that you have managed borrowed money responsibly. This can make them more willing to offer you a loan with a lower interest rate, so the correct choice is obtaining a low interest rate on a loan. A high credit-card interest rate and paycheck garnishment are not benefits of good credit.

AI-written and checked against the verified answer.

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