Across
- 2. every time you spend with credit you add to this
- 4. 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
- 6. a loan for a fixed amount of money that‘s paid back in monthly installments
- 7. 80% of Americans have this type of payment
- 9. a legal claim against (or right to own) an asset until the debt (loan) is repaid
- 11. the increase in value of a home over time; the difference between the amount owed and what the home could be sold for
- 13. an asset that increases in value over time
- 15. the lender doesn’t require you to put down a security deposit or collateral
Down
- 1. you have to put down a security deposit or use something as collateral.
- 3. credit that automatically renews whenever a payment is made to reduce the debt
- 5. a loan that typically takes 15-30 years to pay off; for a house
- 8. an asset that loses value over time, such as a car that’s worth less every year
- 10. often come with higher rates a fees
- 12. failure to repay a loan on time
- 14. a lender who uses deceptive, unfair, or fraudulent practices on borrowers who are desperate for cash