MJMaths LiBF Unit 1 Topic 7 Key Words

The amount of money that someone owes at a particular point in time.

A person's previous history of debt payments.

The act of giving up something in order to have something else.

The situation in which changes in one area affect changes in another area.

The things that we would like to have but we do not need to stay alive.

Someone who may not be able to repay a loan

A service provided by banks that allows a person to withdraw more money than they actually have in their bank account

A debt that can never be paid off

An individual's ability to manage their money well.

An arrangement by which you obtain money now that you promise to pay back in the future.

The agency that regulates financial firms and services.

A short-term loan offered at a high interest rate that is designed to financially assist someone until they get paid.

The situation in which a borrower is unable to repay a loan.

Making decisions about using your money.

The things that we require to survive, such as food, water, warmth and essential clothing.

The money with which a business starts or the original amount of debt taken out.