An account on which the account holder can charge repeatedly up to the maximum limit.
What is revolving credit?
100
The two types of bankruptcy.
What are voluntary and involuntary bankruptcy?
100
The unethical practice of extending a loan to a distressed homeowner who cannot afford the loan payments, resulting in the lender taking possession of the house.
What is equity stripping?
100
A term for an individual who rents a space.
What is a tenant.
200
Foreclosure.
What is the legal process of taking a house when a borrower does not make mortgage payments as agreed?
200
An adjusted balance is computed for each day of the month.
What is the average daily balance method?
200
The three options for avoiding bankruptcy.
What are credit counseling, debt management, and debt consolidation.
200
Failure to pay debts as required by agreement or law.
What is credit delinquency?
200
The act of making a plan and carrying it out to ensure an event takes place.
What is logistics?
300
The process of dividing up your debt obligation, plus interest, into equal monthly payments over a set period of time.
What is amortization?
300
How over-the-limit fees were almost eliminated.
What is by declining purchases that would put an individual over their credit card limit.
300
Two reasons why a person might choose to consolidate their debts.
What lower interest rates and a single payment that is lower than the total of all other minimum payments?
300
Three steps one can take to protect their credit cards?
What are be careful with your cards, destroy any document you don't need, and never give out your information to someone over the phone?
300
A preapproved loan.
What is a loan for which a maximum amount is established and approved in advance?
400
The traditional type of mortgage agreement.
What is a 30 year fixed-rate mortgage?
400
Variable interest rates.
What is an interest rate that a lender can change at any time without notice?
400
Debts that bankruptcy cannot eliminate.
What is tax debt, student loans, government fines, and child and spousal support?
400
The amount of outstanding debt at a particular time.
What is debt loan?
400
How a down payment can benefit a consumer.
What is lowering the total amount of money borrowed that interest will be paid on.
500
Processing fees, attorney fees, home and pest inspections, and prepaid interest.
What are closing costs?
500
The biggest advantage of possessing a credit card.
What is improving your credit score?
500
Chapter 11 bankruptcy.
What is the reorganization of debt as decided by a court so that a business can remain viable?
500
Loan modification.
What is a new loan arranged that allows you to make reduced payments, usually on a temporary basis.