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Consumer Credit Flashcards | StudBud
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Consumer Credit
Consumer Credit
25 terms
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1
A penalty you are charged for not making a payment by the established due date.
Finance Charge
Service Charge
Late Fee
Annual Fee
2
Type of credit in which you receive money all at once and you make regular payments.
Regular Charge Acct.
Installment Credit
Revolving Charge Acct.
Service Credit
3
A record of your borrowing and repayment habits.
Credit Limit
Credit History
Credit Rating
Credit Worthiness
4
A legal process one takes when his debts exceeds his assets.
Injunction
Garnish
Bankruptcy
Summons
5
Money you are allowed to obtain in the form of cash through a bank or ATM.
Capital
Liquidity
Withdrawal
Cash Advance
6
A type of credit card that allows you to carry a balance from one month to the next.
Regular Charge Acct.
Service Credit
Installment Credit
Revolving Charge Acct.
7
A numerical measurement of your credit worthiness.
Credit Rating
Character
Garnish
Credit Limit
8
A measure of your sense of financial responsibility.
Character
Capacity
Conditions
Capital
9
The dollar amount you owe on the credit card balance.
Annual Fee
Interest Rate
Finance Charge
Late Fee
10
Buying an item now in exchange for a promise to pay later.
Installment Loan
Cash Advance
Credit
Cosign
11
Requires a lender to disclose the APR, finance charges, and other terms of the loan.
Fair Debt Collection Act
Truth-in-Lending Act
Fair Credit Disclosures Act
Fair Credit Reporting Act
12
A company that collects financial information about consumers.
Credit Union
Credit Bureau
Mortgage Company
Finance Companies
13
A fee you pay just for having the credit card.
Finance Charge
Annual Fee
Service Charge
Late Fee
14
The type of credit in which you must pay the balance in full each month.
Revolving Charge Acct.
Service Credit
Regular Charge Account
Installment Loan
15
The maximum amount of money that a credit card issuer will allow you to borrow or charge.
Credit Limit
Credit Score
Credit History
Credit Rating
16
The value of what you own, and can be used to cover the loan.
Character
Capacity
Conditions
Capital
17
The percentage you pay on the money borrowed.
Annual Fee
Minimum Payment
Finance Charge
Interest Rate
18
The least amount you can pay on the card and still keep your account in good standing.
Minimum Payment
Late Payment
Credit Line
Credit Limit
19
A period of time before interest starts accumulating on charged purchases.
Credit Cycle
Payment Period
Free Days
Grace Period
20
A range that signifies excellent credit.
425-475
525-600
475-525
740 +
21
A card issued by a bank, retail store, or a business.
Cash Advance
Credit Card
ATM Card
Installment Loan
22
The yearly rate you pay on your credit card balance.
Finance Charge
Annual Percentage Rate
Service Charge
Interest
23
An asset which could be given up in case you are unable to repay a loan.
Capital
Character
Capacity
Collateral
24
A measure of your financial ability to repay a loan.
Capacity
Collateral
Character
Capital
25
The difference between what you own and what you owe on a piece of property.
Equity
Collateral
Minimum Payment
Liquidity
