Chapter 25
What refers to an agreement to get money, goods, or services now in exchange for a promise to pay later?
What is credit
The first thing a creditor considers before lending you money
What is your capacity to pay
Last resort to get out of debt
What is bankruptcy
Total amount it costs you to finance a loan
What is finance charge
President Trump is currently located
Where is China
Refers to a 15- to 30- year installment loan, which is usually for a house
What is a mortgage
Interest that remains the same
What is fixed interest
Law that restricts the amount of interest that can be charged
Agency that collects information about you and reports your credit history
What is the Strait of Hormuth
What is a single-purpose card
Creditors will often increase this if you pay your bills regularly
What is credit limit
Requires that information about all costs of borrowing be given to the borrower by the creditor.
What is Truth-in-Lending Law
What is repossess
What is Gamestop
Type of charge account that is paid monthly
What is a revolving charge
A loan backed by collateral
What is a secured loan
Enforces the laws on credit
Federal Trade Commision FTC
Something of value you put up as security for a loan
What is collateral
Candidates for the Ohio Governor seat
Who is Vivek Ramaswamy and Amy Acton
Measure of your ability and willingness to repay loans
What is credit rating
Should be no more than 20% of your income
What is credit burden
Refers to the person or business that has the job of collecting overdue bills
What is a collection agent
What is the Fair Credit Reporting Act
New London HS students are thankful for
Who is Wyatt Workman