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17 Cards in this Set
- Front
- Back
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Chapter 11
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Section of Bankruptcy law that allows businesses to recognize continue functioning
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Chapter 7
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The chapter of the Bankruptcy Code providing “liquidation” (i.e. - sale of a debtor nonexempt property and the distributionof the process to creditors. |
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Payday Loan
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a loan where a borrower gets cash advance on hispayment. |
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Default
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failure to payback a loan
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Predatory lending
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take advantage of ill-informed consumers through excessively high fees
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Consumer Credit Counseling Services
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A non-profit organization that provides debtcounseling for individuals with serious debt problems. |
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Lien
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The legal claim of one person upon the propertyof another person to secure payment of a debt or the satisfaction of anobligation |
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Collateral
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somethingof value that a borrower lets the lender claim if a loan is not repaid
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3C’s of credit
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Character,(credit history), capacity,(ability to repay), Capital (assets)
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FICO
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A credit rating developed by Fair Isaac & Company inthe late 50’s now widely used by lenders and employers. It consists of digitnumbers ranging from 300-850. |
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CreditReporting Agencies (three)
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1.Equifax 2. Transunion 3.Experian
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Repossession(“repo”)
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Takingaway property due to failure to repay debt.
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FinanceCharge
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Totaldollar amount you pay to use credit. Example: (21% APR)
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RevolvingCredit (credit cards)
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A type of open credit agreement that allowsconsumers to pay all or part of the outstanding balance on a loan or creditcard. |
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InstallmentCredit
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A type of closed credit where the loan is repaidwith interest in equal periodic payments ex: car loans house mortgages |
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Truthin Lending
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Credit legislation that is federal. They haveto tell you the truth—must tell the whole truth in lending practice. |
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Debit Card Liability- (lost or stolen) |
Before any charges = zero Within 2 days = $50.00 More than 2 days, less than 60 days= $500 After 60 days = All of it |
