What is the term for property that is pledged to guarantee repayment of a loan?

What is a set portion of a loan amount that a borrower must pay at regularly scheduled intervals?

What is a one-time extension of credit for a specific amount and time period called?

What is a line of credit that can be used repeatedly?

What is the original amount borrowed called?

What is the term for the supplying of money, goods, or services at present in exchange for the promise of future payment?

What is the total cost of using credit, including interest and any fees?

What are the dates on which installments are due and the amount of each installment called?

A borrower must repay the original amount borrowed, plus interest paid for the use of the creditor’s money.

Secured credit is generally more difficult for consumers to obtain than unsecured credit.

A typical credit card provides closed-end credit.

Credit used for personal purposes is called commercial credit.

A credit card can give you a sense of security, because you can make purchases without carrying large amounts of cash.

In the long run, credit reduces purchasing power.

Using credit may reduce the likelihood of making impulse purchases.

A record of a particular consumer's transactions and payment patterns is known as what?

What term describes items owned, or assets?

A numerical rating that represents a person's level of creditworthiness is called what?

An evaluation of a consumer's credit history is known as what?

A person with an established credit history who signs a credit contract along with the borrower is called what?

Lenders predict future payment of debt based on what?

The Equal Credit Opportunity Act is a federal law ensuring what?

How often is it a good idea to check your credit report?

A secured credit card is one that requires you to do what?

The Five C’s of credit include all of the following EXCEPT…

When you complete a credit application to assess whether you are a good credit risk, you are likely to be asked…

A consumer’s right to access his or her credit file is assured by the…

You can establish a good credit history by doing any of the following EXCEPT…

The annual rate of interest that is charged for using credit is called the...

A common grace period might be...

The maximum amount of credit that the creditor will extend to the borrower is called the...

Using your credit card wisely includes all of the following EXCEPT...

What is an agreement that gives the seller the right to declare the whole balance due if the buyer misses even one installment payment?

What is an agreement that allows additional purchases to be added to an installment contract, with earlier purchases used as security for later ones?

What is the right to cancel a loan within three business days called?

What is a portion of the purchase price paid by cash or check at the time of purchase, reducing the amount borrowed?

What is a way to borrow money against a credit card called?

What is a small, short-term, high-interest-rate loan called?

Finance companies usually charge less for their loans than banks do.

A loan that can be used for a variety of purposes, with the ownership interest in the home serving as security, is called a home what loan?

The Truth in Lending Act requires that finance companies offering payday loans must disclose the cost of the loan in terms of the actual what?

If you get a private loan from a family member, you should ask for a what for each payment you make?

A claim upon property to satisfy a debt is known as:

A business that collects unpaid debt for creditors is called a:

Court-ordered withholding of a specified sum from a person's wages to pay a debt is known as:

Guidance provided by trained people who help consumers learn to live within their means is called:

The taking away of property when a borrower fails to make loan or credit payments is known as:

Legal relief from repaying certain debts is referred to as:

Overdue payments are often described as:

Failure to fulfill the obligations of a loan is known as:

A type of bankruptcy that requires payment of debts over 3-5 year "reorganization" plan allowing individuals with regular income to keep assets by repaying all or part of their debts. (secured debt-mortgages, car loans)

A type of bankruptcy that requires a 4-6 month "liquidation" process that wipes out unsecured debtunsecured debt (credit cards, medical bills) but may require selling non-exempt assets

Creditors generally report a history of delinquent payments to the credit bureaus.

If a delinquent account is turned over to a collection agency, the borrower's credit rating will be lowered.

One warning sign of having excess debt is charging day-to-day expenses on a credit card because you don’t have enough cash.

Getting a debt consolidation loan that is actually a home equity loan could result in the loss of your home if you default.

Defaulting on a loan is the most negative way you can affect your credit report.