Tech Terms
A spending plan showing uses and uses of money
What is a budget
The percentage cost of borrowing money
What is interest
The type of card that allows you to borrow money from a bank
What is a credit card
The amount of time experts recommend having an emergency budget for
What is 3-6 months
The amount of community service hours required every MONTH
What are 4 hours
The term for the money you make before taxes are taken out
What is gross income/wages
Ignoring a bill can lead to this type of extra charge
What is a late fee
The maximum amount you are allowed to borrow on a card (you may be able to borrow more for a fee)
What is a credit limit
The amount of your credit limit you should stay under
What is 30%
The amount of time TLP aftercare lasts
What is 6 months
Pathing this is the best way to avoid interest
What is the full balance
What happens when you ignore a car/home loan
What is repossession (aka foreclosure for a house)
A credit score
What is the number the describes your current reliability to carry debt
I The three big credit bureaus
What are trans union, equifax, experion
How often TLP eligibility assessments are done
What is every 3 months
A legal process for those who cannot repay debts that relieves some or all debts, usually imposed by court order
What is bankruptcy
What happens when you charge more to an account than the balance you have in it
What is over-drafting for a checking, over-the-limit fee for credit, “check bouncing” also acceptable
A detailed record of your financial history
What is a credit report
The amount of time it generally takes for something to fall off your credit history
What is 7 years
What is house curfew on the weekend and weekdays (two times)
What is 10pm Sunday-Thursday and 12am Friday and Saturday
The original amount of money borrowed/lent
What is the principal
The “cost” of borrowing money, abbreviated to APR
What is the annual percentage rate
The ratio of your outstanding balance to your credit limit
What is a credit utilization rate
The amount I would owe in one year if I borrow $1,000 at 20% APR
What is about $1200
MThe amount of notice required to reschedule/cancel a meeting with staff or skills training/house meeting.
What is 24 hour notice