Vocab
A number between 300-850 that represents how reliable you are to lenders
What is a credit score?
The base amount you ORIGINALLY take out on a loan, before interest
What is the principal?
A general term for borrowed money, with the intent to pay it back with interest
What is credit?
A marketing technique where other people, such as celebrities, share their experience with the product
What is a testimonial?
A type of loan where PROPERTY is the collateral
What is an secured loan?
One thing that can happen if you default/fail to repay a loan?
What is: losing collateral/going into debt collections/being sued by lender/a low credit report?
The type of loan that credit cards are
What is an unsecured loan?
At least two things you should consider about an item when comparing products?
What is: quality/quantity/price/longevity/craftsmanship?
Someone using your personal information to impersonate you, for their own benefit
What is identity fraud/theft?
The main consequence of having a low credit score
What is: not being able to take out future loans?
What a balance in credit ACTUALLY represents
What is: what you owe to the credit card company?
Difference between marketing and advertising
What is: advertising as a TYPE of marketing?
Another word for interest (per year) when it comes to credit
What is APR?
An example of collateral you may see for a secured loan
What is: a car/house/article of clothing?
One thing you can be penalized for (with fees) with a credit card
What is: missed payment/late payment/foreign exchange/using an ATM or cash advance
The "fight-or-flight" part of the brain, responsible for impulse buying
What is the amygdala?
What is the prefrontal cortex?
Average interest rate of payday loans
What is 400%?
The term for the chart credit card companies MUST give you, that includes the "rules" for using your card
What is a Schumer box?
What is: comparison shopping/taking a break/awareness of triggers/shopping with a list?