Credit and Loans

Front

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

Back

True

Front

This type of loan is low interest, less risky for the lender and requires collateral.

Back

Secured Loans

Front

An example of an unsecured loans: Auto Loans, Mortgage loans, Credit Cards, Personal Loans

Back

Credit Cards, Personal Loans

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

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.

Front

The yearly rate that is charged for borrowing from a lender

Back

Annual Percentage Rate (APR)

Front

Interest is:

Back

The amount owed for borrowing money

Front

Type of loan used specifically for purchasing a home or property is a __________

Back

Mortgage

Front

This is when the interest rate will remain the same for the life of the loan

Back

Fixed rate

Front

What is bankruptcy?

Back

legal process declaring yourself unable to pay debts