Across
- 3. 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
- 7. an asset that loses value over time, such as a car that’s worth less every year
- 9. a loan for a fixed amount of money that‘s paid back in monthly installments
- 10. money you borrow for personal use, paid back in regular installments.
- 13. a loan backed by something you own (like a car or house); if you don’t pay, the lender can take it.
- 14. a loan that doesn’t require anything as backup; based only on your promise to pay.
- 15. the increase in value of a home over time; the difference between the amount owed and what the home could be sold for
Down
- 1. money borrowed to pay for school or college, usually with lower interest rates.
- 2. credit that automatically renews whenever a payment is made to reduce the debt
- 4. let you borrow money up to a limit; you pay it back later, but spending too much makes it harder to pay off.
- 5. a lender who uses deceptive, unfair, or fraudulent practices on borrowers who are desperate for cash
- 6. failure to repay a loan on time
- 8. a legal claim against (or right to own) an asset until the debt (loan) is repaid
- 11. an asset that increases in value over time
- 12. a loan that uses the value of your home as collateral.