Financial Literacy

2. usually referring to a car loan where the value of the car is less than the balance of the loan
8. a lending agreement made between a business owner and a bank or private lender
10. looks like a credit card but works like an electronic check
12. a legal process through which people who cannot repay debts to creditors may seek relief from some or all of their debts
14. a small sum of money that is paid once a month over a period of time, instead of all at once
16. the percent of principal charged by a lender for the use of its money
17. the length of time you have to repay a loan
19. a decision about whether a borrower will be able to pay back a loan, based on their past credit history
20. the amount of an original loan remaining to be paid
21. the cost you pay each year to borrow money and is expressed as a percentage
22. money borrowed from the federal government to help pay for your education

1. short-term, high interest loans that are generally due on the borrowers next payday
3. the amount of money borrowed from a lender
4. a statement that has information about your credit activity and current credit situation
5. the act of someone stealing your identity to commit fraud
6. the ability to borrow money with the promise you will repay it, often with interest
7. any property or asset given by a borrower to a lender to help secure a loan
9. a card issued by a financial company that allows you to make purchases by borrowing money
11. a loan for a small amount of money where the borrower uses their car as collateral
13. a record of your financial history, including the repayment of money
15. when you don't have enough money in your account to cover a transaction, the bank pays the transaction anyway
18. the money that is owed to a lender