Foundations - Chapter 4 - Credit and Debt

If a loan isn‘t repaid, the *** of the borrower—used as security for the debt—could be sold by the lender.

• Credit

• Collateral

• Term

• Negative Equity

A(n) *** is a number that indicates the likelihood of someone repaying debt.

• identity theft.

• Negative Equity

• Default

• Credit Score

A(n)​ ​ (a)   reports on a person‘s credit history.​

• Credit Bureau
• Collateral
• Term
• Installment Credit

The amount of time you have to pay back a loan is called the *** of the loan.

• Default

• Credit Bureau

• Term

• Credit Score

When an item is worth less than what you owe on it, that‘s called ***.

• Positive Equity

• Negative Equity

• Credit Score

• Term

Making fixed payments on a loan over a set period of time is an example of ***.

• Collateral

• Default

• Depreciation

• Installment Credit

When an asset loses value over time, that‘s ***.

• Depreciation

• Default

• identity theft.

• Installment Credit

When you fail to repay a loan on time, you‘re referred to as being in ***.

• Depreciation

• Default

• Negative Equity

• Term