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Terms
Credit
Getting Credit
What if?
Should I?
100
Credit
What is an agreement to obtain money, goods, or services now in exchange for a promise to pay in the future?
100
Cash Advance
What is a loan given in cash by a credit card company
100
Cosigner
What is someone who agrees to be responsible for a debt if the main applicant does not repay it.
100
MP3 player cost $360 and consumer paid $360 for it
What is the consumer paid her bill in full when it was due?
100
You will pay the most interest and ruin your credit rating.
What happens when you don't make payments on your loan, pay the minimum and keep charging to the credit card?
200
Interest
What is the fee charged for using their money?
200
Payday Advance services
What is a short-term loan that are paid back on payday?
200
Grace Period
What is the amount of time allowed to repay a debt without having to pay interest charges?
200
Buying a candy bar
What is one time that paying cash is better than credit?
200
To build your credit rating.
Why would a person take out a loan and pay it off sooner?
300
Credit Rating
What is a measure of a person's ability and willingness to pay debts on time?
300
Pawnshop
What is a loan service where you leave something you owe as security until yo pay the money back.
300
Credit Limit
What is the maximum amount a card holder can charge on a credit card?
300
You've committed all of your future income and can't buy anything else.
What is a disadvantage of credit?
300
Credit Union
What is a bank owned by it's members?
400
Maurices credit card
Give an example of a single purpose credit card.
400
Mortgage Loan
What is a form of an installment loan but it is written for a long period. Usually used for a home.
400
Down Payment
What is a portion of the total cost that is paid when the product or service is purchased.
400
You're potential credit purchasing ability is more than your salary and it hurts your credit rating.
What happens when you have too many credit cards?
400
Installment loans
What are smaller loans such as student loans, car loans and home improvement loans that are are repaid in regular payments over a period of time?
500
Collateral
What is something of value the bank can take if a borrower does not make the required loan payments?
500
Credit Report
A credit history or a record of an individual's past borrowing and repayments.
500
Principal
What is the amount of borrowed money that is still owed and on which interest is based.
500
Amount of the loan, amount of interest based on interest rate, amount of time the borrower has the loan
What are the 3 factors that affect the interest that is paid?
500
Discover card
What is the credit card that you get paid 2% back on all of your purchases?