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PersFinFinalExamRev1

Personal Finance Final Exam Review Part I

QuestionAnswer
Annual rate of interest that is charged for using credit APR
An item of value you own, including money Asset
Legal relief from paying certain debts Bankruptcy
A final loan payment that is much larger than the other installments Balloon Payment
Property that is pledged to guarantee payment of a loan Collateral
A business that collects unpaid debt for other companies or organizations Collection Agency
A responsible person who signs a loan as a co-borrower and thereby agrees to pay the obligation if the primary borrower fails to do so Cosigner
Guidance provided by trained people who help consumers learn to live within their means Credit Counseling
What the consumer pays for the use of credit Finance Charge
Period of time during which a balance on a credit card may be paid in full to avoid finance charges Grace Period
The legal withholding of a sum from a person's wages in order to collect a debt Garnishment
A fee paid for the opportunity to use someone else's money over a period of time Interest
Unlicensed lender who operated illegally and charged excessive interest Loan Shark
Credit that can be used repeatedly Open End Credit
Taking away property due to failure to make loan or credit payments Repossession
Created by: melinda.fornes