A loan of a certain amount of money that a borrower must repay in a specified number of equal payments. Also known as installment credit

Businesses hired by lenders to pursue payments on debts that borrowers have not paid back according to the terms of the credit contract

A person who is equally responsible for paying back debt under the credit terms

Refers to goods, services, and/or money received in exchange for a promise to pay back a definite sum of money at a future date

A record of the borrower's past loans and credit-related transactions

The maximum dollar amount that can be borrowed

A record of a person's use of credit

Agencies that create credit reports based on the information they receive from lenders regarding a borrower's account history with that lender. Sometimes called credit bureaus

A numerical summary of your credit history that indicates your credit worthiness (likelihood of repaying a loan as agreed)

When a borrow fails to keep up with the mortgage payments that the lender takes possession of the property

A person or organization who makes funds available for others to borrow

A line of credit established in advance so that a borrower does not have to apply for credit each time new credit is desired. Also known as revolving credit

A legal claim by a government entity to take an individual's property or income when their taxes are not paid

A source of credit that may combine elements of open and closed-end credit and usually have higher interest rates and fees than other forms of credit

A loan based on the value of personal property

A short-term loan that provides immediate cash by securing a borrower's written check or receiving authorization for automatic withdrawal from the borrow's depository institutions account

Short-term cash advance secured by a taxpayer's expected tax refund

Tangible items such as furniture, electronics or household appliances are leased with the condition that the item will be owned by the renter if the term of rent is completed. The cumulative end amount of a consumer pays to lease an item is typically much higher than if the consumer bought the item from the onset

The borrower gives the lender his/her automobile title in exchange for a set amount of cash. The lender holds the title until the loan is repaid. If the loan is not repaid as agreed, the lender keeps title to the item

A yearly fee that may be changed having a credit card

The cost of credit expressed as a yearly interest rate

The act of transferring debt form one credit card account to another

A plastic card that you can use to access a line of credit that has been established in advance

The APR charged during the credit card's introductory period after a credit card account is opened

Fee ;charged when a credit card holder does not make the minimum monthly payment by the due date

Fee charged if the credit card account balance goes over the set credit limit

The interest rate charged on new transactions if the penalty terms in the credit card contract are triggered

When someone has passed an initial credit history check

Fee charged if the cardholder makes a payment but does not have enough money in that account to cover the payment

Terms and fees of a credit card in an easy to read box on all credit card applications and solicitations

An APR that may change depending on other factors

An intentional effort to deceive another individual for personal gain

Provides payments for both liability and property insurance on a vehicle

Someone who receives money if an insured person dies

A formal request to an insurance company asking for a payment when the policyholder has an accident, illness, or injury

Provides payments for both liability and property insurance on a vehicle

Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid

The risks covered and amount of money paid for losses under an insurance policy

The out of pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss

Someone who relies on someone else for income and care

Provides payments for both liability and property insurance on a vehicle

Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid

The risks covered and amount of money paid for losses under an insurance policy

The out of pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss

Someone who relies on someone else for income and care

Provides payment to replace earnings during times when workers cannot work due to illness or injury

Cash set aside that can be used to cover the costs of unexpected expenses

Employers may offer employee benefits in the form of products or services that add extra value for employees beyond earned wages

Provides money to pay for health care for illness, injury, or, in some cases, preventive care

Provides payment to cover liability losses as well as damage and loss of the home structure and its contents

Doing something in the home without pay that takes raw materials along with a family member's skill, experience, knowledge, and household equipment, to produce a useful product or service

The donation of a product or service in place of cash

A financial product (called an insurance contract or policy) purchased by many people facing a similar risk to protect against the risk of larger losses

Provides payment to others if a member of the insured household accidently causes harm to other people or property

Provides payment to beneficiaries who were named by the insured person

Provides payment for extended nursing care due to accidents, illness, or old age

When the act of insuring an event increases the likelihood that the event will happen

A contract between the insurance company and the insured that states that the exact terms of the policy including what risks are covered and how much will be paid for any losses

A person who owns the insurance policy

The money paid to an insurance company to purchase a policy

Provides payment to the insured person if his or her property is damaged or destroyed by an accident covered by the insurance policy

Provides payment to renters to cover the damage and loss of property in a rental unit in addition to liability losses

The chance of loss from an event that cannot be entirely controlled