Question

What is overborrowing?(1 point)

Responses

Taking a 2nd mortgage on your existing mortgage.
Taking a 2nd mortgage on your existing mortgage.

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

Using a leased car as collateral for a loan for a computer.
Using a leased car as collateral for a loan for a computer.

Using one credit card to pay off another credit card.

Answer 1

[AI-generated answer — Bot GPT 3.5]

Using one credit card to pay off another credit card.

Answer 2

[AI-generated answer — Step-by-Step Bot]

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