PF - Chapter 4

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Across
  1. 2. an asset that loses value over time, such as a car that is worth less every year
  2. 5. when the value of an asset falls below what is owed on it (upside down)
  3. 6. the fee a credit card company charges for th use of their credit card
  4. 8. something owned (that has value) offered as security on a debt; if the debt is not repaid as agreed, the item is forfeited to the lender
  5. 9. the additional cost a lender charges for borrowing their money
  6. 13. an asset that increases in value over time
  7. 15. money owed to another person or company
  8. 16. the amount of time, in months, that you will be making payments
  9. 17. a company that collects credit rating information and makes it available to creditors
  10. 18. credit that automatically renews whenever a payment is made to reduce the debt
  11. 19. limit the maximum amount of money the lender is willing to loan to an applicant
Down
  1. 1. failure to repay a loan on time
  2. 3. credit a loan for a fixed amount of money that is paid back in monthly installments
  3. 4. a legal claim (or right to own) against an asset until the debt (loan) is repaid
  4. 7. a lender who uses deceptive, unfair, or fraudulent practices on borrowers who are desperate for cash
  5. 8. a statistical number used to represent a consumer's creditworthiness
  6. 10. the increase in value of a home over time (the difference between the amount owed and what the home could be sold for)
  7. 11. the cost of the loan each year expressed as a percentage
  8. 12. the loss of value of an asset over time
  9. 14. the the original amount of a loan