Across
- 3. A loan taken by individuals and businesses to make real estate purchases without paying the entire value of the purchase up front
- 5. The amount of time you have to repay your entire loan
- 7. Long-term failure to repay a loan according to the terms agreed to, which has a substantial negative impact on the borrower's credit score
- 10. A loan in which the interest rate can change, based on prime rate or index rate, over the course of the loan
- 11. A standard table that legally must appear in a credit card agreement showing basic information about the card's rates and fees
- 12. A small loan, offered through a business, lent at a high interest rate, and meant to be paid as soon as you receive your next paycheck
- 14. The act of transferring debt from one credit card account to another, usually for a fee
- 17. The cost you pay each year to borrow money, including fees, expressed as a percentage
- 18. An open line of credit that can be used for any purchases as long as you are under the limit; its payments vary monthly based on size of the debt
- 19. A partial payment made in cash at the beginning of the purchase of a good or service, while the remaining balance is due later or is financed as part of a loan
- 20. The amount you owe as the cost of borrowing money
- 21. A plastic card that allows you to make purchases now with borrowed money, which then you must repay to the lender in one lump sum or in monthly payments with interest
- 23. The smallest amount of a credit card bill that a credit card holder must pay during a billing cycle to remain in good standing with the lender
- 25. A type of credit card that requires the borrower to pay the company a fixed, up-front amount of money as collateral, which becomes the credit limit of the card, thereby making it low-risk to the credit card company
- 26. Something valuable that the lender can take as payment if you can't or don't repay your secured loan
Down
- 1. Loan used to finance a specific purchase for a specific amount of time, during which regular payments pay the accrued interest and a portion of the principal
- 2. The paying off of debt over time in equal installments; part of each payment goes toward the loan principal while the other part goes toward interest
- 4. A nonprofit financial institution that is owned by its members and organized for their benefit
- 6. A fee charged if your payment is received after the due date
- 8. A loan with an interest rate that does not change over the life of the loan
- 9. A person who has permission to use and/or carry another person's credit card, but isn't legally responsible for paying the bill
- 13. A yearly fee that may be charged for having a specific credit card, independent of how you use the card
- 15. Someone who legally agrees to take responsibility for a person's debt if they cannot repay it
- 16. The maximum amount that may be borrowed on a credit card
- 20. The rate charged for borrowing money usually expressed as a percent of the amount borrowed
- 22. Original amount of money borrowed, separate from interest or fees
- 24. Debt not tied to a specific asset, making it difficult or impossible for the lender to repossess items if payment
- 27. An agreement where you are credited with a fixed amount of money for a fixed period of time, usually with interest