Credit Terms #2 Question Preview (ID: 18384)


Reinforce. TEACHERS: click here for quick copy question ID numbers.

Organizations specializing in these types of services typically help consumers 1) balance their budgets, 2) manage their money, 3) create a debt management plan (DMP) by negotiating for a lower monthly payment and interest rate with creditors
a) Consumer Debt
b) Consumer Credit Counseling Services
c) Credit Rating
d) Credit reporting agency

A loan taken out against a line of credit or credit card, typically imposing higher-than-normal interest charges.
a) Charge Cards
b) Payday Loans
c) Cash Advances
d) Credit Rating

1. Forced or voluntary surrender of purchased merchandise to its owner or seller by its buyer, due to his or her inability to pay. 2. Legal process by which a lender takes possession of assets or property pledged as collateral in case of borrower def
a) Pawn Shop
b) Repossession
c) Secured Loan
d) Liquidation

Companies responsible for assigning independent ratings indicating the credit-worthiness of the issuers of securities and other debt obligations, and in some cases of the debt obligations themselves. The higher the number, the better.
a) Credit Rating
b) Credit Report
c) Credit reporting agency
d) Credit History

An additional person who signs a loan in an effort to help a person to qualify for a larger loan to purchase something (house or car).
a) Co-signed Loan
b) Secured Loan
c) Unecured Loan
d) Consumer Debt

When 2 or more loans is consolidated into one new loan with a longer repayment term and lower monthly payments
a) Liquidation
b) Co-signed Loan
c) Payday Loans
d) Consolidation Loans

Legislation passed in some countries, such as the Home Mortgage Disclosure Act of 1968 and Consumer Credit Protection Act of 1969 in the US. Under these laws a lender must, clearly and conspicuously, reveal all the key details of a home mortgage or c
a) Credit Rating
b) Truth in Lending Act 1968
c) Predatory Lending
d) Credit reporting agency

The process of taking possession of a mortgaged property (home or business) as a result of the mortgagor's failure to keep up mortgage payments
a) Usury
b) Credit Card
c) Mortgage
d) Foreclosure

Exorbitant or unusually high rates of interest
a) Title
b) Mortgage
c) Default
d) Usury

Interest rate that changes over the term of a loan on the basis of changes in an index that reflects changes in the market rates of interest.
a) Variable Interest rate
b) Credit History
c) Credit Report
d) Fixed interest rate

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