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13 Cards in this Set
- Front
- Back
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Good Debt |
Spent on items you need but cannot afford to pay for up front |
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Bad Debt |
Debt you've taken on for things you don't really need |
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Secured loan |
Debt is backed up by an item of equal or greater value |
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Unsecured loan |
Any form of borrowing not secured by an asset |
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FICO score |
Represents your financial responsibility, based on your credit history |
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The 3 C's of Credit |
Character, Capacity, Capital |
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Interest |
Often referred to as a finance charger or annual percentage rate |
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Types of Credit Cards |
Single Purpose(Kwik Fill), General Purpose(VISA) |
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Fixed Apr |
You pay the same interest rate each month |
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Variable interest rate |
The interest rate changes with the economy |
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Regular Account |
Balance must be paid in full each month, no interest is charged |
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Revolving Account |
Partial payment must be paid in full each month. The balance carries over. |
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Card Act (2010) |
Credit Card Accountability, Responsibility, and Disclosure Act |
