4 - Types of Credit

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Across
  1. 5. Someone who legally agrees to take responsibility for a person's debt if they cannot repay it
  2. 7. An agreement where you are credited with a fixed amount of money for a fixed period of time, usually with interest
  3. 10. A type of loan where you borrow money from your retirement savings account. You must pay that borrowed money back, plus interest, within 5 years of taking your loan, in most cases.
  4. 11. A higher interest rate triggered by being late with or missing a credit card payment
  5. 12. The smallest amount of a credit card bill that a credit card holder must pay during a billing cycle to remain in good standing with the lender
  6. 14. A credit card service that allows cardholders to withdraw a certain amount of cash, either through an ATM or directly from a bank, typically at a high interest rate or for a fee
  7. 15. Long-term failure to repay a loan according to the terms agreed to, which has a substantial negative impact on the borrower's credit score
  8. 16. A loan in which the interest rate can change, based on prime rate or index rate, over the course of the loan
  9. 19. A yearly fee that may be charged for having a specific credit card, independent of how you use the card
  10. 20. A loan taken by individuals and businesses to make real estate purchases without paying the entire value of the purchase up front
  11. 21. The amount of time you have to repay your entire loan
  12. 22. A bank or credit account that is shared between two or more people which allows everyone named on the account to access the funds
  13. 23. A method of lending very small sums to individuals, typically in developing countries, to start or expand a small business
  14. 26. A consumer loan extended to a homeowner that uses the borrower's home as collateral
  15. 30. A person who has permission to use and/or carry another person's credit card, but isn't legally responsible for paying the bill
  16. 31. The amount you owe as the cost of borrowing money
  17. 33. A type of loan issued by a bank, credit union or online lender that you pay back in fixed monthly payments, typically over two to seven years
  18. 35. Debt not tied to a specific asset, making it difficult or impossible for the lender to repossess items if payments are not made
  19. 36. A loan with an interest rate that does not change over the life of the loan
  20. 37. A standard table that legally must appear in a credit card agreement showing basic information about the card's rates and fees
  21. 38. The number of days between a borrower's statement date and when payment is due, often without accruing interest
  22. 39. Debt tied to a specific tangible asset that can be used as collateral and repossessed if payments are not made
  23. 40. A plastic card that allows you to make purchases now with borrowed money, which then you must repay to the lender in one lump sum or in monthly payments with interest
  24. 41. The rate charged for borrowing money usually expressed as a percent of the amount borrowed
  25. 42. A contract (often used for cars or property) by which one party gives property to another for a specified time, usually in return for a periodic payment
  26. 43. A credit card benefit that pays the cardholder a small percentage of their net expenditures, often as cash, payment toward their balance, reward points, travel miles, or gift cards
  27. 44. Fee A fee charged if your payment is received after the due date
Down
  1. 1. A legal document that outlines the terms and conditions for using your credit card
  2. 2. Original amount of money borrowed, separate from interest or fees
  3. 3. A place where a customer makes the payment for goods or services and where sales taxes may become payable. The transaction can take place through a physical device or online through a digital system.
  4. 4. The value of ownership built up in a home or property that represents the current market value of the house minus any remaining mortgage payments
  5. 6. A loan that combines two or more education loans into a single loan, allowing the borrower to make a single monthly payment
  6. 8. The paying off of debt over time in equal installments; part of each payment goes toward the loan principal while the other part goes toward interest
  7. 9. Something valuable that the lender can take as payment if you can't or don't repay your secured loan
  8. 11. A small loan, offered through a business, lent at a high interest rate, and meant to be paid as soon as you receive your next paycheck
  9. 13. Loan used to finance a specific purchase for a specific amount of time, during which regular payments pay the accrued interest and a portion of the principal
  10. 14. The maximum amount that may be borrowed on a credit card
  11. 17. The act of transferring debt from one credit card account to another, usually for a fee
  12. 18. A special type of credit card with no interest because you must pay the balance in full each month
  13. 24. The typically low rate charged during the introductory period after a credit account is opened, after which the regular, typically higher, APR will apply
  14. 25. A monthly record of your account transactions provided by your credit card company electronically or on paper
  15. 27. A type of credit card that requires the borrower to pay the company a fixed, up-front amount of money as collateral, which becomes the credit limit of the card, thereby making it low-risk to the credit card company
  16. 28. A mortgage that has a fixed interest rate for the entire term of the loan as long as on time payments are being made
  17. 29. A loan used to fund expenses connected with operating a small business
  18. 32. An open line of credit that can be used for any purchases as long as you are under the limit; its payments vary monthly based on size of the debt
  19. 34. A mortgage in which the initial interest rate is normally fixed for a specified period of time after which it is reset periodically, often every month