Across
- 2. The amount of time you have to repay your entire loan
- 3. A credit card benefit that pays the cardholder a small percentage of their net expenditures, often as cash, payment toward their balance, reward points, travel miles, or gift cards
- 6. A credit card service that allows cardholders to withdraw a certain amount of cash, either through an ATM or directly from a bank, typically at a high interest rate or for a fee
- 8. 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
- 10. A consumer loan extended to a homeowner that uses the borrower's home as collateral
- 12. A type of loan issued by a bank, credit union or online lender that you pay back in fixed monthly payments, typically over two to seven years
- 13. A loan taken by individuals and businesses to make real estate purchases without paying the entire value of the purchase up front
- 16. A contract (often used for cars or property) by which one party gives property to another for a specified time, usually in return for a periodic payment
- 17. A loan that combines two or more education loans into a single loan, allowing the borrower to make a single monthly payment
- 18. 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
- 20. 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
- 21. The maximum amount that may be borrowed on a credit card
- 22. A method of debt financing that enables individuals to borrow and lend money without the use of a financial institution as an intermediary
- 24. Something valuable that the lender can take as payment if you can't or don't repay your secured loan
- 26. 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
- 27. A yearly fee that may be charged for having a specific credit card, independent of how you use the card
- 28. The value of ownership built up in a home or property that represents the current market value of the house minus any remaining mortgage payments
- 29. The typically low rate charged during the introductory period after a credit account is opened, after which the regular, typically higher, APR will apply
Down
- 1. A fee charged if your payment is received after the due date
- 4. The act of transferring debt from one credit card account to another, usually for a fee
- 5. The cost you pay each year to borrow money, including fees, expressed as a percentage
- 7. A bank or credit account that is shared between two or more people which allows everyone named on the account to access the funds
- 9. A higher interest rate triggered by being late with or missing a credit card payment
- 11. A loan in which the interest rate can change, based on prime rate or index rate, over the course of the loan
- 14. The number of days between a borrower's statement date and when payment is due, often without accruing interest
- 15. Debt not tied to a specific asset, making it difficult or impossible for the lender to repossess items if payments are not made
- 19. A legal document that outlines the terms and conditions for using your credit card
- 23. Original amount of money borrowed, separate from interest or fees
- 25. 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