Argylls Credit Chapter 8
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Grace Period | A time period which no finance charges will be added to your account
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| Finance Charge | The total dollar amount you pay to use credit
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| Debit Card | Electronically subtracts money from your checking or savings account
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| Credit Card | A card that allows you to puchase items and pay them back later
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| Commercial Bank types of loans (6) | Single- payment loan, personal installment loans, passbook loans, credit card loans, check- credit loans, second mortgages
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| Net Income | The amount of income you receive (take home pay, allowance, gifts...)
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| APR | Annual Percentage Rate
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| Collateral | A form of security to help guarantee that the creditor will be paid
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| Simple Interest | The interest computed only on the principal you borrow
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| Minimum Monthly Payment | The smallest amount you can pay and still remain a borrower in good standing
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| Five C's of Credit | Character, Capacity, Collateral, Capital, and Conditions
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| Credit Rating | A measure of a person's ability and willingness to make credit payments on time
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| ECOA | Equal Credit Opportunity Act
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| Credit Bureau | An agency that collects information on how promptly people and businesses pay their bills
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| Credit File | Name, address, Social Security Number, date of birth, employers, spouse
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| How to protect YOUR identity | Keep track of credit, shred old documents, keep records of your card numbers
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| Dealing with stolen identity | Contact fraud departments, contact creditors, file police report
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| Imposters | People who deceive others by assuming different identities, use your name, credit credit card number, and other personal information
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| CCCS | Consumer Credit Counseling Service
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| FDCPA | Fair Debt Collection Practices Act
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Created by:
Chloegsolms
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