________ is the use of someone else's money, borrowed now with the agreement to pay it back later.

Between 1920 and 1990, buying on _______ became the American way of life.

In the 1990's, record number of people declared ___________. Overuse of credit cards was one of the main reasons.

A ___________ is a person who borrows money from others.

A _________ is a person or business that loans money to others.

To qualify for credit, you must have the ability to repay the loan. Qualifications are based on

Two advantages of credit are

Two disadvantages of credit are

Your credit __________ is the complete record of your borrowing and repayment performance.

TransUnion, Experian and Equifax are 3 of the big national credit ____________.

A credit ___________ is a written statement of a consumer's credit history, issued by a credit bureau.

The 5 C's of credit are

A few ways to start establishing good credit would be to

The use of someone else's money, borrowed now with the agreement to pay it back later

A person who borrows money from others

True or False: Debt must be paid.

One of the earliest forms of credit was the account at the __________________.

The value of property you possess after deducting your debts

True or False: You need to have a job and earn an income in order to make loan payments.

Which of the following is NOT an example of capital?

The least amount you may pay a month under your credit agreement

Property pledged to assure repayment of a loan

Amount borrowed

You will be given ___________ from the date you receive a bill in which to pay

True or False: Your income and financial position determine whether you qualify for credit.

True or False: Only 10% of all U.S. purchases are made with credit rather than cash.

The total dollar amount of all interest and fees you pay for the use of credit

When you buy a car on credit, what part of the sale is the collateral?

A service available to charge customers so they won't be billed until a later time

True or False: Credit purchases actually cost less than cash purchases.

A borrower can use credit up to a stated limit

The abbreviation APR stands for

Timeframe within which you may pay your current balance in full and incur no interest charges

Which of the following is NOT a credit card?

Which of the following is NOT a source of credit?

Which of the following is NOT a source of credit?

Unlicensed lenders who charge illegally high interest rate

True or False: Life insurance policies that build cash value can be used to borrow money.

True or False: There are three types of finance companies...Regular Finance Companies, Overtime Finance Companies, and Service Finance Companies.

True or False: You can be charged a transaction fee if you use credit over the phone.

In a _______________ agreement, a consumer promises to pay the full balance owed each month.

Which of the following is NOT part of a credit card agreement?

A legal business that makes high-interest loans based on the value of personal possessions pledged as collateral

A loan for a specific amount that must be repaid in full, including all finance charges, by a stated due date

A person or business that loans money to others

A person who borrows money from others

A state law that set a maximum interest rate that may be charged for consumer loans

An organization that makes high-risk consumer loans

Cost of credit expressed as a yearly percentage

Involves providing a service for which you will pay later

Property pledged to assure repayment of a loan

The total dollar amount of all interest and fees you pay for the use of credit

The value of property you possess (such as bank accounts, investments, real estate, and other assets) after deducting your debts

Timeframe within which you may pay your current balance in full and incur no interest charges

Unlicensed lenders who charge illegally high interest rates

Use of someone's money, borrowed with the agreement to pay it back later

Where a borrower can use credit to a stated limit

Early forms of credit came from stores and they charged a high interest rate

Collateral that is pawned is owned by the pawn shop immediately

You can be turned down when applying for a credit card

You are given a few days past the due date to pay your bill with no trouble or fees

Utility bills (i.e. water and electricity) are examples of service credits

The use of someone else's money, borrowed now with the agreement to pay it back later.

A person who borrows money from others

Property pledged to assure repayment of a loan

A loan for a specific amount that must be paid in full, including all finance charges, by a stated due date

The cost of credit expressed as a yearly percentage

A time frame within which you may pay your current balance in full and incur no interest

Unlicensed lenders who charge illegally high interest rates

A legal business that makes high-interest loans based on the value of personal possessions pledged as collateral

A written statement of a consumer's credit history, issued by a credit bureau to businesses

Someone who promises to pay if the borrower fails to pay

A measure of creditworthiness based on an analysis of your credit and financial history

The total assigned points used to determine the likelihood that you will repay debt as agreed

A person or company hired by a creditor to collect the overdue balance on an account

Collateral that is pawned is owned by the pawn shop immediately

You can be turned down when applying for a credit card

Utility bills (i.e. water and electricity) are examples of service credits

If there is an error on your credit you should act quickly

Credit scores can be lowered by you checking them

It is impossible for someone to steal your identity and affect your credit

A sole proprietorship is a business owned by ______________.