FC: Credit Vocabulary
1: Miles Hermanson Period 2
3: Annual Percentage Rate | Yearly cost of a mortgage.
5: Bankruptcy | Debt payments exceed ability to pay them.
7: Don't think: Look! -Ludwig Wittgenstein | Closed-End Credit | Credit repaid in full by a specific date.
9: Collateral | Assets pledged by a borrower to secure a loan.
11: Contract | Agreement for performing or restraining specific acts.
13: Individual who signs a note and assumes equal liability. | Cosigner
15: Contract agreement to repay the lender at a later date. | Credit
17: Credit Card | Card used repeatedly to borrow money.
19: Person or organization that extends credit to others. | Creditor
21: Detailed information on someones credit history. | Credit Report
23: Status given to a borrower who has an acceptable credit rating. | Creditworthy
25: Legal process where owner loses property. | Foreclosure
27: Agreement by bank to lend a specific amount of money to a borrower then allowing it to be borrowed again after it is repaid. | Open-end credit
29: Shop of a pawn broker. | Pawnshop
31: Amount of money borrowed. | Principal
33: Paying monthly rent with an option to eventually own it. | Rent-to-own
35: Taking back property by a lender or seller. | Repossession
37: Loan backed by assets that belong to the borrower to decrease risks of lender. | Secured Loan
39: Loan where car title is collateral. | Title Loan