The Fair Credit Billing Act helps consumers correct credit card billing mistakes.

Few people can pay for a home without borrowing.

The Fair Credit Reporting Act of 1971 gave consumers a way to check their credit reports.

Credit cards are usually one of the most expensive forms of borrowing.

Consumers should take every credit card that is offered to them so they will have a variety of choices.

The Equal Credit Opportunity Act makes it illegal to refuse to grant credit on the basis of race, color, religion, national origin, gender, marital status, or age.

Married couples should have credit in only one of their names.

On a revolving charge account, the more slowly you reduce the balance, the less interest you will pay overall.

ATM machines enable you to receive a cash advance and add it to your credit card bill.

A measure of your creditworthiness is your ____.

A loan that is backed by something of value pledged to insure payment is a ____.

Madison's credit card payment is due on the 25th of every month. Because the 25th falls between two pay periods, she is often unable to make the regular payment on time. The credit card company charges her $25 each time her payment is late. This charge is known as ____.

The time between the billing date and the payment due date, when no interest is charged, is the ____.

James and Vanessa both work and own their home. They want to borrow $15,000 to buy a car to give to their daughter as a college graduation present. What factors will lenders consider in computing James and Vanessa's credit rating when assessing their car loan application?

Troy was recently denied credit at a local furniture store. A week later he received a letter from the furniture store identifying the credit bureau that supplied the information used in making its lending decision. What law requires that Troy and other consumers be told the source of any credit reports used when they are denied credit?

Last year, Gretchen signed up to receive several credit cards. After she received them, she immediately began using them to purchase books, clothes, jewelry, a sound system, a DVD player, and a television set. After four months, she lost her job. Gretchen was far in debt and had no income. She completed a legal process through which she surrendered her property to the court. In exchange, the court ordered that she was no longer responsible for her debts. This process is known as ____.

A legal process in which people who cannot pay their debts surrender most of their property is called ____.

Suppose you are renting a living room chair for $9.95 per week. After you rent it for 40 weeks, the rent-to-own company says you will own the chair. If you make all 40 payments, how much will the chair cost you?

When Calvin and Gloria financed a new car loan at their credit union, they were given extensive printed information about the specifics of the loan. This information included the total cost of the loan, including all interest and fees. This total cost they will pay for the loan is known as the ____.

While attending college, Caleb had a full-time job. During those years, he lived at the same address and always paid his rent and utilities on time. Lenders would look at his lifestyle and find him to be responsible. They would grant him credit based on Caleb's ____.

The total cost a borrower must pay for a loan, including all interest and fees, is the ____.

Mazher has an account that allows him to charge up to $5,000. Under the credit agreement, he is not required to pay the balance in full. Mazher often chooses to make the minimum payment, carrying the remaining balance forward to the next month. What type of account does Mazher have?

If you want to get cash for personal property such as jewelry or a TV, then you need to see a ____.

Orestes was hospitalized for two months. During this time, he was unable to work. In addition to his lost income, he owes over $12,000 in medical expenses that were not covered by his health insurance. As a result, he could not pay many of his credit cards and other loans on time. Debt collection agencies began calling him regularly. One debt collector even followed him to a grocery store and embarrassed him in front of other people. What law is intended to prevent debt collection agencies from using such abusive practices?

I-chen Lee has a charge account at a department store. The account allows her to make charges throughout the month. She will not pay any interest because she must pay the balance in full by the 15th day of the next month. What type of account does I-chen Lee have?

A company that collects information about consumers' credit history and sells it to lenders is a ____.

Recently Felix purchased a home entertainment system. A finance company granted Felix the credit necessary to make the purchase. Felix signed the loan contract and had the system delivered to his home. For eight months, Felix made the regularly scheduled payments on the loan. In the ninth month, however, he went out of town and forgot to make his loan payment on time. When he returned from the trip, Felix received a letter from the finance company demanding payment in full or the return of the entire system. What did Felix's credit contract include?

Which of the following are sources of credit cards?

The maximum amount you are allowed to charge on your account is the ____.