Across
- 2. an asset that loses value over time, such as a car that is worth less every year
- 5. when the value of an asset falls below what is owed on it (upside down)
- 6. the fee a credit card company charges for th use of their credit card
- 8. 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
- 9. the additional cost a lender charges for borrowing their money
- 13. an asset that increases in value over time
- 15. money owed to another person or company
- 16. the amount of time, in months, that you will be making payments
- 17. a company that collects credit rating information and makes it available to creditors
- 18. credit that automatically renews whenever a payment is made to reduce the debt
- 19. limit the maximum amount of money the lender is willing to loan to an applicant
Down
- 1. failure to repay a loan on time
- 3. credit a loan for a fixed amount of money that is paid back in monthly installments
- 4. a legal claim (or right to own) against an asset until the debt (loan) is repaid
- 7. a lender who uses deceptive, unfair, or fraudulent practices on borrowers who are desperate for cash
- 8. a statistical number used to represent a consumer's creditworthiness
- 10. the increase in value of a home over time (the difference between the amount owed and what the home could be sold for)
- 11. the cost of the loan each year expressed as a percentage
- 12. the loss of value of an asset over time
- 14. the the original amount of a loan