Consumer Credit

2. debt where there is collateral to repossess, such as a car loan
6. owing money to anyone for any reason
8. the person/corporation that lends the money
12. borrowing money for an emergency to be repaid when you get your next paycheck
13. the person who owes the money
14. garnishment having a court ordered wage assignment
15. the amount of money borrowed
16. APR divided by 12
20. credit line - balance
22. the penalty when the credit card company gets your payment after the due date; usually $25
23. a numerical value which states how well you borrow money and pay back debt
24. the person who takes responsibility for a loan when the primary borrower defaults. Do not become one for your boyfriend.

1. voluntarily having loan payments deducted from your paycheck
3. another word for the legal contract signed by the creditor and debtor
4. an asset that you forfeit if you can not pay off a loan
5. the value that is used to calculate credit card interest
7. the process of paying at least a minimum payment, then carrying the balance to next month is called a _____ line of credit
9. an unplanned purchase; you just want one
10. debt where there is nothing to repossess such as a student loan
11. usually through retail stores such as Levin or Best Buy, the act of making a series of monthly payments to pay off a large purchase
17. someone's ability to earn money now and in the future
18. like a credit card, but you must pay the full bill every month
19. if you are resorting to payday loans, you may want to start to rethink your _____
21. a product that allows people to borrow money. Like any other product, it is marketed, bought, and sold.