Types of Credit

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Across
  1. 1. A legal document that outlines the terms and conditions for using your credit card.
  2. 4. A loan with an interest rate that does not change over the life of the loan.
  3. 7. 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.
  4. 8. A higher interest rate triggered by being late with or missing a credit card payment.
  5. 9. 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.
  6. 12. The cost you pay each year to borrow money, including fees, expressed as a percentage.
  7. 16. Original amount of money borrowed, separate from interest or fees.
  8. 18. The amount you owe as the cost of borrowing money.
  9. 19. The act of transferring debt from one credit card account to another, usually for a fee.
  10. 21. 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.
  11. 22. 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.
  12. 24. A mortgage that has a fixed interest rate for the entire term of the loan as long as on time payments are being made.
Down
  1. 2. Something valuable that the lender can take as payment if you can't or don't repay your secured loan.
  2. 3. 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.
  3. 5. 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.
  4. 6. A partial payment made in cash at the beginning of the purchase of a good or service, while the remaining balance is due later or is financed as part of a loan.
  5. 10. A fee charged if your payment is received after the due date.
  6. 11. The number of days between a borrower's statement date and when payment is due, often without accruing interest.
  7. 13. 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.
  8. 14. Someone who legally agrees to take responsibility for a person's debt if they cannot repay it.
  9. 15. An agreement where you are credited with a fixed amount of money for a fixed period of time, usually with interest.
  10. 17. The maximum amount that may be borrowed on a credit card.
  11. 20. The amount of time you have to repay your entire loan.
  12. 23. A loan taken by individuals and businesses to make real estate purchases without paying the entire value of the purchase up front.