Debt
A borrowed loan you have to pay back.
What is debt?
The ability to pay back loans & get lower interest rates.
What is credit?
The highest credit score you can get.
What is 850?
A student is learning about a line of credit with a limit
What is revolving credit?
A card that allows you to take a loan for purchases which is added to your monthly bill.
What is a credit card?
A person borrows $10 has to pay it back soon. Name the amount of money they're in debt
What is $10?
A report containing a person's financial history.
The lowest credit score you can get.
What is 300?
A person is paying fixed monthly payments or "installments".
What is installment credit?
The meaning of APR.
What is Annual Percentage Rate?
The average amount of debt in the USA.
What is $18.8 trillion?
Mobile & utility bills are an example of this type of credit.
This information takes up 35% of your credit score.
What is payment history?
A person is using a card that withdraws money from their spending account. Name the card.
What is a debit card?
The general length of the billing cycle for credit cards.
What are 30 days?
Not backed by a collateral.
What is unsecured debt?
The most common forms of revolving credit.
What are credit cards & lines of credit?
Ways to build your credit score.
What is having a long credit history, pay your loans on time, & considering an installment loan?
A person is paying the cost of borrowing a loan.
What are interest rates?
The name of the person owning the card.
What is a cardholder name?
Backed by a collateral.
What is secured debt?
Credit that represent a small percentage of the credit market.
What is pawnbroker credit?
This information takes up 10% of your credit scores.
What is a mix of credit types?
A person is trying to access an account that holds your savings. Name tha account.
What is a savings account?
The first digit of a credit card number.
What is the Major Industry Identifier (MII)?