what is overborrowing? (1 point)\ntaking a 2nd mortgage on your existing mortgage.\nborrowing more than you…

what is overborrowing? (1 point)\ntaking a 2nd mortgage on your existing mortgage.\nborrowing more than you can pay back, or borrowing more than is necessary.\nusing a leased car as collateral for a loan for a computer.\nusing one credit card to pay off another credit card.

what is overborrowing? (1 point)\ntaking a 2nd mortgage on your existing mortgage.\nborrowing more than you can pay back, or borrowing more than is necessary.\nusing a leased car as collateral for a loan for a computer.\nusing one credit card to pay off another credit card.

Answer

Brief Explanations:

Overborrowing refers to borrowing an amount that exceeds one's repayment - ability or borrowing more than what is actually required. The other options describe different financial actions but not the concept of overborrowing.

Answer:

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