Financial literacy: Savings, loans, investments

manner by which a result is obtained or an end is achieved

• means

• interest

debt for which one is responsible to pay

• collateral

• liability

property acceptable as a security for a loan or other obligation

• collateral

• consumer

total assets minus liabilities or debt

• net worth

• means

event which occurs when a homeowner stops making mortgage payments and the lender takes possession of the property in order to sell it

• FDIC

• foreclosure

legal process available for an individual who is overextended financially and is unable to pay debts

• bankruptcy

• collateral

person who acquires goods and services for use, usually through [purchasing with money

• consumer

• interest

person who has loaned money to someone on credit or through a loan

• FDIC

• creditor

amount of money paid to a customer for money on a deposit with a financial institution, or the amount of money paid by a customer to a financial institution for borrowing money through a loan, or credit card

• interest

• bankruptcy

a federally sponsored corporation which insures accounts in national banks and other qualified institutions up to $100,000

• FDIC

• creditor