Question

What is overborrowing?

A. Taking a 2nd mortgage on your existing mortgage.
B. Borrowing more than you can pay back, or borrowing more than is necessary.
C. Using a leased car as collateral for a loan for a computer.
D. Using one credit card to pay off another credit card.

Answer 1

Answer: B. Borrowing more than you can pay back, or borrowing more than is necessary