PersFinFinalExamRev1 Word Scramble
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Question | Answer |
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
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