Over time, people who pay off their credit card balance in full every month will pay less in interest on their credit card.
Credit and Loans

Flashcard
•
Other
•
9th Grade
•
Hard
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29 questions
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1.
FLASHCARD QUESTION
Front
Back
True
2.
FLASHCARD QUESTION
Front
This type of loan is low interest, less risky for the lender and requires collateral.
Back
Secured Loans
3.
FLASHCARD QUESTION
Front
An example of an unsecured loans: Auto Loans, Mortgage loans, Credit Cards, Personal Loans
Back
Credit Cards, Personal Loans
4.
FLASHCARD QUESTION
Front
This is an open line of credit that can be used for any purchases as long as your under the credit limit. Payment amounts vary each pay period based on the size of the debt.
Back
Revolving Credit
5.
FLASHCARD QUESTION
Front
What is a credit score?
Back
A number or a grade, between 300–850 that allows a potential lender, vendor, etc. assess if a consumer is credit worthy.
6.
FLASHCARD QUESTION
Front
The yearly rate that is charged for borrowing from a lender
Back
Annual Percentage Rate (APR)
7.
FLASHCARD QUESTION
Front
Interest is:
Back
The amount owed for borrowing money
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