amount you are borrowing

(a)  

the interest rate on a loan is expressed as an annual percentage (APR)

(a)  

the rate banks charge their customers, usually corporations rather than individuals

(a)  

both interest owed and also any fees on the loan besides interest thay the lenders may charge.

(a)  

a one-time advance of a sum of money that you agree to pay back over a predetermined length of time(called a term) ex: mortgages, car loans, student loans

(a)  

credit where there is no term to the loan; you can take as little or as much time as you want to pay back what you borrow.

(a)  

another name for installment loans.

(a)  

table that shows how payments are applied over the loan term(dividing each payment into payment interest, and paying principal)

(a)  

another name for revolving credit

(a)  

aka credit line, the maximum amount you are allowed to borrow at any one time

(a)  

the lowest amount of money you can pay to keep the line open.

(a)  

any outstanding debt

(a)  

a contract with the lender stating you will repay the amount borrowed

(a)  

status of a loan once you miss a payment, even just one

(a)  

a relaxed payment schedule that would help someone get out of economic hardship.

(a)  

status of an account saying that you have not abided by the loan terms.

(a)  

a company that tracks down delinquent debt in exchange for a commission.

(a)  

when a company which debt is owned to claims ownership of the item you borrowed money to buy

(a)  

when a company which debt is owned claims your house you borrowed money to buy.

(a)  

a last resort in which a debtor declares an inability to pay in court in order to be freed from debt

(a)  

the ability to pay a loan

(a)  

meaning that you must guarantee a loan with collateral(an asset worth as much as or more than the amount you are borrowing)

(a)  

an asset worth as much as or more than the amount you are borrowing

(a)  

a document that chronicles your borrowing over the past several years

(a)  

aka credit bureaus, companies that prepare credit reports for lenders

(a)  

meaning you share responsibility of the account with someone else

(a)  

claims by the state or federal government on something you own in order to secure money for unpaid taxes

(a)  

Fair Isaac Corporation, helps interpret credit reports in a standard fashion; Turns the information in people’s credit reports into a numeral assessment of creditworthiness

(a)  

the numeral assessment of creditworthiness, interpreted by FICO

(a)  

refers to risky credit borrowers with under “prime” credit scores, typically those with credit scores 620 and below

(a)  

method of determining balance in which finance charges are applied where the card company averages out what you have to pay on the card from each day of the month.

(a)  

time between the statement date and the due date, which you have to pay off purchases made during the period

(a)  

the rate your interest rate will go up to if you violate the terms of your credit card agreement. Ex: paying your bills late or going over credit limit

(a)  

a transaction where cards will let you withdraw money directly from an ATM

(a)  

a transfer where you move what you owe from another card to a new one

(a)  

when you have a card before you are 18 and your parents are charged with what you spend

(a)  

many card companies offer rewards programs through which you earn these miles, points, or money back on each dollar you spend.

(a)  

assistance from other sources to pay for education

(a)  

can be included in financial aid(free money from the government or school, typically given to those with financial need)

(a)  

free money given based on criteria like academic ability or athletic skill

(a)  

a job that will provide you with money for college expenses

(a)  

known as Free Application for Federal Student Aid. A form  asking you and your parents for financial information in order to determine the portion of college costs you are expected to pay out of pocket…

(a)  

cheapest government loan to students. Given to students with exceptional financial needs

(a)  

loans that don’t accrue interest until you finish school.

(a)  

fixed-rate government loan where interest rate is usually two percentage points higher than Perkins but still lower than most other college loans

(a)  

loan where interest rates accrue while you’re in college

(a)  

known as a Parent Loan for Undergraduate Students, loan with higher borrowing limit and can usually cover the rest of tuition

(a)  

usually advised as a last resort. Issued by banks, and are not regulated by the government. No limit to how much can be borrowed, but comes with high rates

(a)  

trade your loan in for one with different terms, thought fees are associated with this procedure

(a)  

the back-end costs of getting a mortgage, for things like attorney fees and credit checks

(a)  

a contract between you and a landlord stating the period of time you will love in an apartment and how much you will pay per month

(a)  

sum of money up front to guarantee against any damage to the apartment, or delinquency in paying the rent

(a)  

offer consumers the ability to rent big-ticket items like furniture and electronics for a set fee each week or month, and build equity towards ownership

(a)  

furniture store ads often promise that you buy an item now, with zero interest APR and no payment for 12 months. But, that zero APR is only for one year and you end up paying way more

(a)  

cash loans for people who need money before their next paycheck. The rate for these loans are high

(a)  

a protection you agree to where the bank will pay out what has been overdrawn, usually at a fee of $20 to $35 per transaction

(a)  

revolving debt, like a credit card you use through your debit card or checkbook.

(a)  

shops where you bring in a valuable item, such a jewelry or a camera, in hopes the pawnbroker makes a short-term loan up to the value of the item

(a)  

a person or a company that regularly collects debts owed to others, usually when those debts are past-due

(a)