Across
- 4. type of interest earned only on the original amount or principal
- 6. this claim gives the creditor or lender authority to seize a debtor's deposits when they default on a "loan"
- 7. an initial amount, or the original amount of loan on which interest is calculated
- 11. this type of debt does not have specific property serving as collateral for payment of the debt
- 12. a lender or creditor closes the account to future charges, yet the consumer remains legally obligated to repay all or some of the debt
- 14. an elimination of uncollectable debt, cancellation or discharge of debt, also known as debt forgiveness
Down
- 1. a way in which individuals and businesses balance income/revenue, expenses, and calculate financial goals
- 2. type of interest is best described as interest earned on interest
- 3. this financial obligation is also known as a debt
- 5. a financial impact that causes difficulty paying bills and repayments on loans and debts
- 8. something you own of value that can be converted into cash
- 9. document claiming "cancellation of debt" from a lender or creditor that considers canceled, forgiven or discharged debt as taxable income
- 10. fee charged on money borrowed of fee paid to an investor for their investment
- 13. a finance charged expressed as an annual rate if you carry a balance on a credit card
- 15. money a person or business earns or receives in exchange for labor or products