Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
12 Cards in this Set
- Front
- Back
|
Personal Economics
Chapter 6 |
Personal Economics
Chapter 6 |
|
|
Bankruptcy
|
Legal procedure for dealing with debt problems of individuals and businesses; specifically a legal court case filed under one of the chapters of Title 11 of the U.S. Code.
|
|
|
Credit Bureau
|
An agency which collects the credit history of consumers so that creditors can make decisions about granting loans.
|
|
|
Credit Report
|
Report showing your payment history.
|
|
|
Chapter 7 Bankruptcy
|
Chapter of the Bankruptcy Code providing for liquidation of the debtor's assets in order to repay the creditors; certain assets or aggregate value of assets of the debtor may be exempt based on state law.
|
|
|
Disposable Income
|
Amount of money left over after all necessities and expenses are paid.
|
|
|
FFDCPA
|
Federal Fair Debt Collection Practices Act. A consumer law passed by Congress in 1977 to protect you from unfair collectors.
|
|
|
FFCRA
|
Federal Fair Credit Reporting Act.
|
|
|
Fraud
|
A seller's intentional deception of a buyer, which is illegal.
|
|
|
Garnishment
|
Court-ordered attachment that allows a lender to take monies owed directly from a borrower's paycheck; only allowed as part of a court judgment.
|
|
|
Necessities
|
The bills that you have to pay each month. Not disposable income.
|
|
|
Pro Rata
|
Debt repayment plan by which the borrower repays each lender a fair percentage of the total debt owed when one cannot make the minimum payments on one's debt.
|
