Chapter 5 - Consumer Credit

Credit is an arrangement to receive cash, goods, or services now and pay for them today

The Federal Trade Commission enforces the

The 3 common types of closed-end credit are installment cash, installment sales, and single lump-sum.

If your credit application is denied, the Equal Credit Opportunity Act gives you the right to know the reasons

Debt-to-equity ratio is

Anyone burdened by credit can phone, write, or visit a CCCS office.

Debt payments-to-income ratio is

Consumer credit works because people are honest and responsible

The new bankruptcy law made it harder for people to file Chapter 7 bankruptcy.

A Consumer Credit Counseling Service is affiliated with the

Which federal law protects you by requiring credit bureaus to furnish correct and complete information to creditors

Installment cash credit is a

The Bankruptcy Abuse Prevention and Consumer Protection Act requires debtors to

In the 5Cs of credit, capital refers to your reputation to pay on time

Perhaps the greatest advantage of using credit is the temptation to overspend.

An asset which secures loan payments and can be taken if a loan goes into default

With closed-end credit, you pay back one-time loans in a specified period of time in equal amounts

Ted is notified by his credit card company that the limit on his credit card has been increased to $10,000.

When you complain about your billing error, the creditor must acknowledge your letter within _____ days

Which federal law limits a cardholder's liability for unauthorized use of a card?

Most economists recognize consumer credit as a major force in the American economy

It is safe to use credit because you do not have to carry large amounts of cash.

You may be denied credit because you receive social security or public assistance

What should your do if your identity is stolen

What is (are) the signal (s) of potential debt problems

Ted is notified by his credit card company the limit on his card has been increased to 20,000. This is an example of

The total dollar amount paid to use credit is called

Consumer credit has only been available since 1950

Installment sales credit is a

Another name for open-end credit is

FICO scores generally range from

A Consumer Credit Counseling Service is a

If you finance a purchase through a car dealer, appliance store, or another retailer the interest rate will be higher.

Credit unions offer the same range of consumer loans that banks and other financial institutions do

A loan officer looks at your income and debt. Which of the 5Cs of credit does the loan officer consider?

An example of closed-end credit is

Which federal consumer credit law prohibits credit discrimination based on sex and martial status