Unit 4 Credit Review

Match it! Select the correct answer from the pull down...Good luck!

A legal process to get out of debt when you can no longer make all your required payments

Amount of money, or something of value, that is loaned on trust and with the expectation that it will be repaid at a later date.

A detailed record of your personal credit and financial transactions

A charge for a loan, usually calculated as a percentage of the principal.

An amount that credit card companies can charge for the use of a credit card.

A penalty on all types of credit for making a payment after its due date

This is usually seen on credit card statements to represent the actual dollar cost of using credit to maintain a balance.

A rating used by credit reporting agencies to help lenders decide whether and how much credit can be extended to a borrower