Consumer Credit and Loan Fundamentals: Types, Terms, and Financial Responsibilities

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Finance - Personal Finance

georgepetenjk Created by 10 mon ago

Cards in this deck(40)

What is a mortgage with an initial fixed interest rate that resets periodically, often monthly?

What type of loan allows you to borrow from your retirement savings and requires repayment within 5 years?

What is the process of paying off debt over time in equal installments, with payments covering both principal and interest?

What is the yearly fee that may be charged for having a credit card?

Who is a person authorized to use another's credit card but not responsible for the bill?

What is the act of transferring debt from one credit card account to another, usually for a fee?

What is a credit card service that allows cash withdrawal at a high interest rate or fee?

What credit card benefit pays a small percentage of net expenditures back to the cardholder?

What is something valuable that a lender can take as payment if a secured loan is not repaid?

What type of loan combines multiple education loans into a single loan with one monthly payment?

Who is someone that legally agrees to take responsibility for another person's debt if they cannot repay it?

What is a plastic card that allows purchases with borrowed money, requiring repayment with interest?

What is the legal document outlining the terms and conditions for using a credit card?

What is the maximum amount that may be borrowed on a credit card?

What is the term for long-term failure to repay a loan, negatively impacting credit score?

What is a partial payment made in cash at the beginning of a purchase, with the balance due later?

What type of loan has an interest rate that does not change over the life of the loan?

What is the number of days between a borrower's statement date and when payment is due, often without accruing interest?

What is the value of ownership built up in a home, representing market value minus mortgage payments?

What is a consumer loan extended to a homeowner using the home as collateral?

What type of loan is used to finance a specific purchase with regular payments covering interest and principal?

What is the amount you owe as the cost of borrowing money?

What is the rate charged for borrowing money, usually expressed as a percent of the amount borrowed?

What is the typically low rate charged during the introductory period after a credit account is opened?

What is a bank or credit account shared between two or more individuals allowing access to funds?

What is the fee charged if your payment is received after the due date?

What is a contract by which one party gives property to another for a specified time, usually for a periodic payment?

What is an agreement where you are credited with a fixed amount of money for a fixed period, usually with interest?

What is the smallest amount of a credit card bill that must be paid to remain in good standing?

What is a loan taken to make a real estate purchase without paying the entire value upfront?

What is a loan offered when withdrawing more funds than available, usually with a fee and interest?

What is a small loan lent at a high interest rate, meant to be paid with the next paycheck?

What is a higher interest rate triggered by late or missed credit card payments?

What is the original amount of money borrowed, separate from interest or fees?

What is the standard table in a credit card agreement showing basic information about rates and fees?

What type of credit card requires an up-front collateral payment, setting the credit limit?

What is debt tied to a specific tangible asset that can be repossessed if payments are not made?

What is the amount of time you have to repay your entire loan?

What is debt not tied to a specific asset, making repossession difficult if payments are not made?

What is a loan where the interest rate can change based on a prime or index rate?

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