Types of Credit

9. to twenty : how many years does a student loan take to pay off
10. loans: a loan type that usually has a higher interest rate
11. a loan for a fixed amount of money that‘s paid back in monthly installments
13. credit that automatically renews whenever a payment is made to reduce the debt
14. percentage of American people with a credit card

1. an asset that loses value over time, such as a car that’s worth less every year
2. what is a car loan an example of
3. Asset: an asset that increases in value over time
4. a lender who uses deceptive, unfair, or fraudulent practices on borrowers who are desperate for cash
5. failure to repay a loan on time
6. 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
7. the increase in value of a home over time; the difference between the amount owed and what the home could be sold for
8. a legal claim against (or right to own) an asset until the debt (loan) is repaid
12. percentage of millennials