However, it does not bother me in the least. It was a quiz designed to promote debt.
But, it does very distinctly point out some of the misinformation that is on the web.
First, according to the quiz, you should use a credit card in emergencies because they will happen and you need an immediate solution. Rather than this approach, we would encourage you to plan ahead. You can definitely assume an emergency will happen! That’s why you save for a “rainy day!” Once you’re out of debt, we would suggest having 3-6 months of living expenses in an emergency fund.
Second, the quiz promoted leasing a vehicle as the best way to provide transportation, suggesting that if the vehicle breaks down, the dealer needs to make the repairs for you. Instead of this, buy a vehicle you can afford, with cash. Upfront. Then, by either creating a line-item in your budget, or if necessary using your emergency fund, PAY FOR THE REPAIRS!
Third, the quiz suggested that you should always work to pay off the largest debt first. While we’re all for getting out of debt, we recommend using the debt snowball. “Debt Snowball” means that you attack your debt, from smallest amount to greatest, and as you pay off each debt you “roll” the payment from the first debt into the payment for the next debt, and so on, until you’re making one huge payment towards the one remaining debt.
Home Equity loans were strongly suggested by the quiz for "emergencies, home repairs and major car repairs." We much prefer the “save cash for when you will need it” method. (See above)
The quiz recommended for Investments to be started immediately. (Evidently even before one has an emergency fund in place.) We’re all for investing for retirement! Don’t get us wrong—but if you don’t have a 3-6 month’s emergency fund in place first, you won’t truly get anywhere on your retirement by paying interest on “emergency” loans.
Yes, I failed; I am glad I did because it showed some of the important fallacies that are being touted in main stream media. It is important that when we seek financial counsel, that it is based on solid, Biblical principles. “The debtor is slave to the lender.” (Proverbs 22:7) fill your storehouses so that you will be ready when disasters come (paraphrased from Genesis 41), save because "Murphy" will come calling at your door! Seek wisdom from Godly persons; don't let the media tell you how you should handle God's gifts!
Failing is not always a bad thing!