| A | B |
|---|
| Truth-in-Lending Act of 1969 | required all contracts for credit to clearly disclose the finance charge |
| Equal Credit Opportunity Act of 1974 | banned sex discrimination and discrimination because of marital status in granting of credit |
| Fair Credit Billing Act of 1975Fair Debt Collections Practices Act of 1977 | stopped abusive practices engaged in by some debt collectors |
| Character | extablished according to one's conduct and living habits |
| Capacity | length on time with present and past employers and level of pay a person receives |
| Annual Percentage Rate | interest rate of a loan |
| Credit Unions | make loans available to their members only |
| Capital | What a person owns - savings accounts, investments and property |
| Pawnshop | a legal business where loans are made on the value of merchandise that serves as collateral |
| Credit Cards | bank cards and national credit cards |
| Cost | disadvantage of credit cards |
| Financial advice | a service offered by a finanacial institution |
| Home Equity Loan | interest paid can be used as a tax deduction on income taxes |
| Buying on credit | buying goods or services with a promise to pay at a future date |
| Credit | is not free!!! |
| Credit Worthiness | Character, Capacity and Capital |
| Credit limit | the maximum amount that can be bought on credit |
| Principal | the amount borrowed |
| Personal Loan | a loan for a relatively small amount |
| Long-term Loan | a loan for a home |
| Loan sharks | unlicensed lenders |
| Advantage of credit | emergencies |
| disadvantage of credit | impluse buying |
