This allows you to reach your financial objectives by enabling you to acquire some of the more expensive items in a systematic fashion without throwing your whole budget away
What is Consumer Credit?
100
The most popular type of credit card
What is a bank credit card?
100
What you must do first when you want to open an account, regardless of if it is a credit card or a revolving line of credit
What is fill out a formal credit application?
100
At least 2 factors to consider when shopping around for the best deal.
What are Annual fees, rate of interest, length of grace period, method of calculating balances
100
A card where you pay a fixed amount and it is put onto the card and you can use it for what you wish
What is a prepaid card?
200
At least 2 basic concepts of why we use credit
What is to avoid paying cash for large outlays, convenience, investment purposes, meet financial emergencies
200
The maximum amount of credit a consumer is allowed to have outstanding at any point in time
What is line of credit?
200
This type of organization collects and stores credit information about individual borrowers
What is the credit bureau?
200
This determines whether you should have an annual fee on a credit card or no fee at all
What is how big of a spender you are?
200
Once a credit application has been completed and returned to the establishment issuing the card, its subject to this.
What is a credit investigation?
300
The monthly consumer credit obligations/monthly take home pay
What is the debt safety ratio?
300
The kind of credit card that is determined by the amount of liquid collateral you are able to put up
What are Secured or collateralized credit cards?
300
Americans are entitles to receive this every year
What is a free copy of their credit report?
300
About 70% of people choose this route when faced by credit card abuse
What is straight bankruptcy?
300
The true or actual rate of interest paid, which must include all fees and costs and be calculated as defined by law.
What is the Annual Percentage Rate?
400
This tells banks that you are dependable and reliable
What is credit history?
400
The kind of revolving credit that there is an as-needed basis and allows you credit without the hassle of a loan
What is an unsecured personal credit line?
400
This applies the interest rate to the average balance of an account over a billing period
What is the Average Daily Balance method (ADB)?
400
This is the number one cause for credit card fraud
What are stolen account numbers?
400
This person works with a family to set up a budget and may even negotiate with creditors to establish schedules for repaying debts
What is a credit counselor?
500
"Product should outlive the payment schedule
What is Rule of Thumb?
500
If someone has $94,345 of interest on their home equity loan, how much of it can be tax-deductible if itemized?
What is 100%
500
The 5 C's
What are Character, Capacity, Collateral, Capital, and Condition?
500
How the Credit Card Act of 2009 affect minors/college students
What is a minor cannot have a credit card unless authorized by a parent or guardian, and college students without stable income cannot be issued credit cards?
500
A form of credit extended to a consumer in advance of any transactions