Strand5 Word Scramble
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| Question | Answer |
| Elements of Creditworthiness | Character, Capacity, Collateral, Capital, and Conditions |
| Outstanding Balance | How much you owe after you pay the minimum monthly payment. |
| Deadbeat | someone who never goes into debt with a credit card company. |
| Simple Interest | Simple interest is calculated on the principal, or original, amount of a loan only. |
| APR | The cost you pay each year to borrow money, including fees, expressed as a percentage. |
| Default Rates | Rate of all loans issued by a lender left unpaid by the borrower. An individual loan is typically declared in default if no payments are made for an extended period as per the initial loan agreement. |
| Finance Charges | Any charge payable directly or indirectly by the consumer and imposed directly or indirectly by the creditor as an incident to or a condition of the extension of credit |
| Late Fees | A charge imposed on a consumer who fails to make the payment on a debt or other financial obligation by the due date. |
| Minimum Payments | The lowest amount your credit card issuer will accept as payment toward your balance each month. |
| Grace Period | A set length of time after the due date during which payment may be made without penalty. |
| Debt Avalanche | Pay off loans with highest interest first |
| Debt Snowball | Pay off smallest loan first |
| AnnualCreditReport.com | Authorized by federal law and safe to use — as long as you ensure you're on the correct site. |
| Debt to Income | All your monthly debt payments divided by your gross monthly income. |
| 28% Rule | Maximum monthly house payment (including principal, interest, and taxes) should be less than 28% of your monthly income. |
| Loan to value ratio | A measure comparing the amount of your mortgage with the appraised value of the property. |
| Amortization | Paying off a debt over time in equal installments. |
Created by:
bryson11
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