Chapter 4 Credit & Debt

3. The loss of value of an asset over time.
4. An asset that increases in value over time.
15. A loan for a fixed amount of money that‘s paid back in monthly installments.
16. An asset that loses value over time, such as a car that's worth less every year.
17. A lender who uses deceptive, unfair, or fraudulent practices on borrowers who are desperate for cash.
18. The amount of time, in months, that you'll be making payments.

1. A statistical number used to represent a consumer‘s creditworthiness.
2. A company that collects credit rating information and makes it available to creditors.
5. Credit that automatically renews whenever a payment is made to reduce the debt.
6. When the value of an asset falls below what is owed on it.
7. The additional cost a lender charges for borrowing their money.
8. The increase in value of a home over time; the difference between the amount owed and what the home could be sold for.
9. Money owed to another person or company.
10. The additional cost a lender charges for borrowing their money.
11. Failure to repay a loan on time.
12. The original amount of a loan; the total amount borrowed before interest.
13. 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.
14. A legal claim (or right to own) against an asset until the debt (loan) is repaid.