Credit 101

An arrangement to receive goods or services and pay for them in the future (correct)

A specific type of loan for buying property

A type of borrowing that requires regular repayments with interest

A facility that allows spending more money than is available in a bank account

Borrowing, repayments, mortgages, and overdrafts

Fixed periods, certain rates of interest, credit cards, and personal purchases

Mortgages, loans, overdrafts, and credit cards (correct)

Personal purchases, speedboats, mortgages, and loans

You can renegotiate the terms of the mortgage

You can use an overdraft to cover the missed payments

You could lose your home (correct)

You will be charged additional interest

<p>A facility that allows spending more money than is available in a bank account</p> Signup and view all the answers

<p>For big personal purchases</p> Signup and view all the answers