Senior Sem Vocab

3. the ability of a customer to obtain goods or services before payment
4. credit that is automatically renewed as debts are paid off.
8. retake possession of (something) when a buyer defaults on payments.
10. the price you pay to borrow money or the cost you charge to lend money
11. an item of value that a lender can seize from a borrower if he or she fails to repay a loan according to the agreed terms
13. the cost of borrowing money without accounting for the effects of compounding
15. is when you earn interest on both the money you've saved and the interest you earn.
16. usually an informal document acknowledging the debt.

1. when a creditor takes a portion of your paycheck or money from your bank account to collect a debt.
2. small plastic cards issued by a bank, business
5. a person who agrees to be legally responsible to pay a debt if the borrower does not pay back a loan as agreed
6. a card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.
7. is a type of agreement or contract involving a loan that is repaid over time with a set number of scheduled payments
9. the money that you originally agreed to pay back
12. is the cost you pay each year to borrow money, including fees, expressed as a percentage
14. means that you are behind on payments.