What is current use of goods and services?
What is allowing purchase even when funds are low?
What is a cushion for financial emergencies?
What is advance notice of sales?
What is easier to return merchandise?
What is convenience when shopping?
An arrangement to receive cash, goods, or services now, and pay for them in the future
What is credit?
200
Mortgage, automobile and installment loans for furniture, appliances, and electronics
What is an example of closed-end credit?
200
One disadvantage of credit
What is temptation to overspend?
What is failure to repay loans may lead to loss of income?
What is no increase of total purchasing power?
What is credit costs money?
200
One-time loans for a specific purpose that you pay back in a specific period of time, and in payments of equal amounts
What is closed-end credit?
200
The use of credit for personal needs, except a home mortgage, by individuals and families
What is consumer credit?
300
Truth in Lending and Consumer Leasing,
Equal Credit Opportunity Act,
Fair Credit Billing Act,
Fair Credit Reporting Act, and
Credit Card Accountability, Responsibility, and Disclosure Act
What are example of Consumer Credit Laws?
300
One advantage of credit
What is current use of goods and services?
What is allowing purchase even when funds are low?
What is a cushion for financial emergencies?
What is advance notice of sales?
What is easier to return merchandise?
What is convenience when shopping?
300
Loans based on the difference between current market value on your home and the amount owed on the mortgage
What are home equity loans?
300
The act that regulates the use of credit reports and requires credit card companies to correct inaccurate or incomplete information
What is Fair Credit Reporting Act?
400
Credit cards, department store cards, bank credit cards, incidental cards.
(what type of credit?)
What are examples of open-end credit?
400
One of the questions you should ask yourself before you use credit for a major purpose
What is "Do I have the cash for the down payment"?
What is "Do I want to use my savings for this purchase"?
What is "Does this purchase fit my budget"?
What is "Could I use the credit I'll need in some better way"?
400
Credit used as needed until reaching line of credit max
What is open-end credit?
400
An individual's assets and net worth
What is an individual's capital when applying for credit?