Budgeting
Money after taxes is called this.
What is Net Pay?
This card uses borrowed money.
What is a Credit Card?
Money borrowed from a lender.
What is a Loan?
A loan used to buy a house.
What is a Mortgage?
Payday loans usually must be repaid by this time.
What is Your Next Paycheck?
Expenses that stay the same monthly are called this.
What are Fixed Expenses?
Paying your full balance by this time avoids interest.
What is the Grace Period?
The amount borrowed before interest.
What is Principal?
Money paid upfront to lower the loan
What is a Down Payment?
Payday loans are known for having extremely high this.
What is APR?
Spending more money than you earn creates this.
What is a Deficit?
The highest amount you can spend on a credit card.
What is a Credit Limit?
Loans with equal monthly payments over time are called this.
What are Amortized Loans?
A good credit score helps you qualify for this.
What is a Lower Interest Rate?
Payday loan APRs are closest to this percentage.
What is 400%?
This budgeting strategy gives every dollar a job.
What is a Zero-Based Budget?
This chart explains APRs, fees, and terms of a credit card.
What is a Schumer Box?
A loan where collateral can be repossessed.
What is Secured Debt?
Which mortgage changes interest rates over time?
What is an Adjustable-Rate Mortgage?
This happens when payday loans keep getting renewed with fees.
What is a Cycle of Debt?
Name the 3 categories in the 50/30/20 budget.
What are Needs, Wants, and Savings?
Why do credit card companies prefer minimum payments?
What is They earn more money from interest?
In amortized loans, interest payments do this over time.
What is Decrease?
Two ways to lower monthly car payments.
What are Larger Down Payment and Longer Loan Term?
Name 2 ways someone under 21 can build credit.
What are Authorized User, Cosigner, or Secured Credit Card?