Chapter 16-19 Vocabulary Boi!!!!!!

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Across
  1. 4. shopping- involves checking several places to be sure you are getting the best price for equal quality
  2. 6. credit a loan for a specific amount that must be repaid in full, including all finance charges, by a stated due date
  3. 7. sharks unlicensed lenders who charge illegally high interest rates
  4. 9. the total dollar amount of all interest and fees you pay for the use of credit
  5. 11. a person who borrows money from others
  6. 12. buying- occurs when you buy something without thinking about it and making a conscious decision
  7. 13. a legal business that makes high-interest loans based on the value of personal possessions pledged as collateral
  8. 15. of credit a preestablished amount that can be borrowed on demand with no collateral
  9. 16. an excellent credit rating, customer pays bills before the due dates
  10. 17. billing a service available to charge customers whereby purchases are not billed to the customer until much later than the standard billing time
  11. 19. the financial ability to repay a loan with present income
  12. 21. law a state law that sets a maximum interest rate that may be charged for consumer loans
  13. 22. period a timeframe within which you may pay your current balance in full and incur no interest charges
  14. 23. percentage rate the cost of credit expressed as a yearly percentage
  15. 24. rating- a measure of creditworthiness based on an analysis of your credit and financial history
Down
  1. 1. property pledged to assure repayment of a loan
  2. 2. before potential creditors will grant you credit, they must determine whether you are at good risk
  3. 3. system- system where credit bureau assigns points based on factors such as amount of current debt, number of late payments, number and types of open accounts, current employment, amount of income, and so on
  4. 5. credit involves providing a service for which you will pay later
  5. 8. credit where a borrower can use credit up to a stated limit
  6. 10. a person or business that loans money to others
  7. 14. good credit rating, customer pays bills on the due date or within a ten day grace period
  8. 18. company an organization that makes high-risk consumer loans
  9. 19. the value of property you possess after deducting your debts
  10. 20. someone who promises to pay the borrower fails to pay