Chp 6 Review- Consumer Credit

Which of the 5 C's of credit does your income affect?

• Capacity

• Character

• Collateral

• Credit History

_____ is an arrangement to receive cash, goods, or services now and pay for them in the future.

• credit

• creditor

• collateral

• net income

A ______ is a company that collects information relating to the credit ratings of individuals and makes it available to credit card companies, financial institutions, etc.

The legal process in which some or all of a debtor's assets are distributed among creditors because the debtor cannot pay his or her debts is called ______________

• Debt Collection

• Credit Counseling

• Adjusted Repayment

• Bankruptcy

The usual trade-off of choosing small payments is ____.

• Having a short payment period

• Paying more in interest

• Having variable interest rates

• Pledging collateral

Regarding Car Payments - Please solve for both A and B. Write your answers with dollar signs as well as the word "and" between your dollar figures. (ie. $1000 and $23,000)

_______ _______ is a crime in which someone wrongfully obtains and uses another person's personal data in some way that involves fraud or deception.

To __________ a loan, means that you agree to be responsible for loan payments if the borrower fails to make them.

The periodic charge for using credit is called:

• Financing

• Interest

• Installment Payments

• A credit limit

Regarding Car Payments - Please solve for both A and B. Write your answers with dollar signs as well as the word "and" between your dollar figures. (ie. $1000 and $23,000)