CREDIT!!!

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What is debt?

Back

Something, typically money, that is owed or due

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What is a credit card?

Back

A small plastic card issued by a bank and attached to a line of credit.

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Revolving credit is...

Back

a type of credit that can be used repeatedly up to a certain limit as long as the account is open and payments are made on time.

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Which of the following is not a characteristic of an installment loan? repaid over time, scheduled payments, accompanied by an interest rate, also known as a revolving loan

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also known as a revolving loan

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What is an interest rate?

Back

The amount in terms of a rate or percentage that you have to pay back on an amount borrowed.

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What is a credit report?

Back

A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness.

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The process of collecting funds that are owed and past due is called...

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collections

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What is bankruptcy?

Back

A legal proceeding involving a person or business that is unable to repay outstanding debts in which the debtor's assets are measured and evaluated, whereupon the assets are used to repay a portion of outstanding debt.

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What is a loan term?

Back

The period in which the loan is to be repaid, each payment broken down into individual installments.