Credit v Debit
Payday Loans
Student, Home, and Car Loans
Interest Rates
Credit, Credit, Credit
100

This is borrowed money. 

Credit

100

True of False? Payday loans have the lowest interest rate.

False

100

This is a consequence of not paying your debts.

Repossession

Wage garnishment

Decrease of credit score

100

This is another name for interest rate.

APR - Annual Percentage Rate

100

These are the three credit monitoring companies.

Equifax, Experian, Transunion

200

A loan with a limit that you can uses at stores and businesses around the world.

Credit card

200

This information may be required to obtain a payday loan.

bank account information
200

This is the first thing you should do if you are late on a payment or going to be late. 

Contact lender

200

Your credit score can impact your interest rate. True or False?

True

200

A delinquent payment will stay on your report for this long.

7 years

300

This is the most amount of money you can spend on a credit card. 

Credit limit

300

You typically have until your next ________ to pay this type of loan back. 

paycheck

300

When a borrower fails to pay what is owed.

Defaulting

300

True or False: Paying off the balance on a credit card before monthly due date can result in no interest for that month.

True

300

Calculate the credit utilization. $400 balance. $1200 limit.

33%

400

These fees are typically added if you do not keep a minimum balance in your checking account. 

Maintenance fees

400

These are alternatives to payday loans.

Borrowing from family or friends, cash advance, paycheck advance app, credit card

400

A loan with collateral that the lender can take if the loan is not repaid according to the loan agreement

Secured loan

400

This type of interest rate does not change month to month. 

Fixed

400

You find a discrepancy on your credit report. Who do you contact?

Credit reporting agency

500

Ture or False: Debit affects your credit score. 

False. 

500
This term is used to describe you paying a large lump sum back to the lender.

Balloon payment

500

This is someone who can help you get a line of credit and is negatively impacted if you default. 

Cosigner

500

This type of interest rate does vary month to month.

Variable or Adjustable

500

Length of credit history is one factor that makes up a credit score. Name another factor.

Payment History, Credit Mix, New Credit, Amount Owed

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