Podcast
Questions and Answers
Any arrangement where you get "stuff" (money, goods, services), and agree to pay for it in the future
Any arrangement where you get "stuff" (money, goods, services), and agree to pay for it in the future
- Unsecured Debt
- Late payment fee
- Debit Card
- Credit (correct)
An agreement where you get a fixed amount of money and pay it back over a period of time, usually with interest
An agreement where you get a fixed amount of money and pay it back over a period of time, usually with interest
- Co-Signer
- Loan (correct)
- Annual Percentage Rate (APR)
- Unsecured rate
The percentage charged for the privilege of borrowing money
The percentage charged for the privilege of borrowing money
- Credit
- Minimum Payment
- Loan
- Interest Rate (correct)
The amount you borrow
The amount you borrow
The amount of time you have to repay your principal
The amount of time you have to repay your principal
Something valuable that the lender can take as payment if you can't pay back your loan (like a house or car)
Something valuable that the lender can take as payment if you can't pay back your loan (like a house or car)
Someone who legally agrees to take responsibility for a person's debt if they cannot repay it
Someone who legally agrees to take responsibility for a person's debt if they cannot repay it
Debt tied to a specific tangible asset that can be used as collateral and reposed if payments are no made
Debt tied to a specific tangible asset that can be used as collateral and reposed if payments are no made
Debt NOT tied to a specific asset or that cannot be repossessed if payments are not made
Debt NOT tied to a specific asset or that cannot be repossessed if payments are not made
Interest rate can CHANGE, based on prime rate or index rate, over the course of the loan
Interest rate can CHANGE, based on prime rate or index rate, over the course of the loan
