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Personal Finance

Chapter 4 Debt

TermDefinition
Lease Long term rental agreement on a car.
Federal Trade Commission One of the government agencies that regulates the consumer credit industry.
Garnishment Usually from a paycheck. Allows a lender to take money from a borrower's paycheck by court order.
Credit Report A consumers credit history. Consumers are allowed to receive for free annually.
Purchases Consumers usually spend less when spending cash then when using a credit card.
Depreciation Loss of value of an asset over time.
Loan term length of loan
Debt snowball Procedure to pay off loans starting with smallest and working towards largest loan payoff.
Factors affecting a credit score type of debt, new debt, duration of debt
Co-signing a loan Dave does not recommend co-signing a loan for a friend or relative.
Credit card A card issued by a bank that allows users to finance a purchase.
Chapter 7 bankruptcy Bankruptcy stays on your credit report for 10 years.
Upside down on loan Owing more on the car or house than what it is worth.
Credit Score Measures your risk of not repaying debt.
Introductory rate An interest rate charged to a customer during the early stages of a loan.
APR Cost of borrowing money on an annual basis.
Mortgage If you cannot afford to pay 100% for a home, the best option is to choose a 15 year mortgage with a fixed rate and 10% down.
Fair Credit Report Act (FCRA) States a person must have a legitimate reason to check someone's credit.
Annual fee A yearly fee charged by a credit card company for the convenience of using the credit card.
3 major credit bureaus Equifax, Transunion, Experian
Created by: lbeddow
 

 



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