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personal finance

chapter 4 study guide

debt money owed to another person or company
revolving credit credit that automatically renews when payments are made. This reduces debt
collateral something owned offered as security on a debt
interest additional cost a lender charges for borrowing money
lien legal claim against an asset until the debt
appreciating asset an asset that increases in value
equity increased value of a home over time
default failure to repay a loan on time
installment credit loan for a fixed amount of money paid back in monthly installments
depreciating asset asset that loses value over time
predatory lender lender who uses unfair practices on borrowers desperate for cash.
credit score statistical number used to represent creditworthiness
credit bureau company that collects credit rating information
principal initial money borrowed or invested
term amount of time to pay back money (in months)
depreciation loss of value on an asset over time
negative equity value of assets fall below what is owed on them
what could be sold by a lender if a loan isn't payed by the borrower? the collateral (security of debt)
what number indicates the likelihood of someone paying debt credit score
what reports a person's credit history? credit bureau
what is the amount of time you have to pay back a loan called? term
what is it called when an item is worth less than owed on it? negative equity
example of installment credit making fixed payments on a loan over a set period of time
what is it called when an asset loses value over time? depreciation
what are you considered when you fail to pay a loan on time? default
what is the first step of the snowball method list all debts smallest to largest
what is the second step of the snowball method? make minimum payments on all debts
what is third step of snowball method? throw extra money on smallest debts until they're gone.
4th step of snowball method take what you were paying on smallest debt and add that to payment on next smallest debt until gone
5th step of snowball method repeat until debt is full paid and your debt free.
which is not one of the main credit bureau reporting agencies? identifax
with a debit card you can do everything but... go into debt
a clothing store credit card is an example of what type of debt revolving credit
what is not factored into the loan payment on a new car? equity
predatory lenders use all except what? truthful logic
which isn't a marketing tactic to get you to use credit? 50% off sale
Created by: kylaleighj
 

 



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