Across
- 2. An interest rate that does not vary over the life of the loan.
- 3. An interest rate that changes based on the moves of another rate index (usually the prime rate).
- 4. Computing the finance charge on a credit account based on the portion of the previous monthly balance you have not paid.
- 5. A period of time when no interest is charged on a credit card.
- 9. A transfer of debt from one credit card to another, usually for a fee.
- 10. Failure to pay a debt.
- 11. The charge for borrowing a sum of money, usually expressed as a percentage of the original loan charged annually.
- 13. An existing line of credit at the business that authorized it.
- 14. A fee assessed for paying the monthly credit card payment after the due date.
- 16. An interest rate charged when a consumer defaults on a credit agreement; usually much higher than the normal rate.
- 17. A card authorizing purchases on credit.
- 20. The smallest amount of money a borrower can pay monthly toward their credit card, usually 2% of the balance.
- 21. interest charged by a credit card or charge account for not paying the total amount due by the due date.
- 22. A bank statement showing the status of your account, including deposits, withdrawals, and interest.
- 23. A fee assessed for using a credit card for certain types of transactions, like an ATM.
- 24. A court-approved plan for a person or organization that cannot pay its creditors, with the goal of satisfying creditors and giving the debtor a fresh start.
- 25. The rate of interest that banks charge their most favored customers, calculated as the federal funds rate plus a premium percentage (usually around 3%).
Down
- 1. Computing the finance charge on a credit account based on the average balance at the end of each day of the billing period.
- 6. A lower interest rate offered on a new credit card, usually for a short time period. After the introductory period ends, the interest rate increases.
- 7. A once-yearly charge for having a credit card.
- 8. The amount of debt a borrower has relative to his or her income; the ability to repay debts
- 12. Measured by a person’s reliability in repaying previous debts
- 13. The maximum amount of credit a borrower can use on a particular line of credit such ad a credit card. Exceeding this often results in a fee.
- 15. A kind of credit card where a borrower makes a deposit of collateral in the amount of credit that they are seeking. These are good for building or rebuilding credit.
- 18. Assets the individual owns that could be sold to repay debts
- 19. A package of services designed to help consumers manage their debt, including credit education and a debt management plan.