Financial Literacy 1
Money you've borrowed and need to repay
What is debt?
A credit card from a store
What is a retail credit card?
A government loan to help pay tuition and other costs. Often considered "good debt"
What is a student loan?
A loan to use personally, not for a business. Also called a consumer loan
What is a personal loan?
A credit card from a bank or other financial institution
What is a bank credit card?
What is a lease?
A way to withdraw more money than you have in your bank account
What is overdraft?
A fee someone pays when they borrow money
What is interest?
A credit card where you make a payment before you use it
What is a secured credit card?
The code you use at bank machines or when paying for something at a store
What is a PIN?
A pre-approved loan that lets you borrow money when you need it
What is a line of credit?
Buy now and pay later
What is credit?
The code you use at bank machines or when paying for something at a store
What is a PIN?
A short-term loan from a cash store
What is a payday loan?
A place where you can get a loan by leaving behind an item you own
What is a pawnshop?
A number between 300-900 that shows how likely you are to pay back a loan based on your credit history
What is a credit score?
The total amount of money you can from a lender
What is your credit limit?
A schedule for paying back your debt
What is a payment plan?
A person who can help when you're having trouble managing your debt
What is a credit counsellor?
A personal loan to help you buy a home
What is a mortgage?
The person or business lending you money
What is a creditor?
When someone steals your credit card or personal information and uses the card without your permission
What is credit fraud?
The interest rate that's charged on a loan each year
What is APR (annual percentage rate)?
Information about who you've borrowed money from and how long it takes you to pay it back
What is credit history?
You rent an item. After you make payments for a certain amount of time, you can own it or buy it
What is rent to own?