Term
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Definition
| when failing to make a payment on one loan affects your interest rate on another loan ex. failing to pay con ed causes your credit card rates to rise |
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Term
| 2 ways credit card companies make money |
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Definition
1. low introductory rate that rises after a short period of time
2. traps in the fine print |
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Definition
| usuary laws in one state don't affect credit card companies in another state |
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Definition
| supreme court descesion that says states can't put a limit on how interest credit card companies charge |
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Term
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Definition
| supreme court descesion that says states can't put a limit on how interest credit card companies charge |
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Term
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Definition
| annual percentage rate, the interest a credit card company charges over a year |
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Term
| what determines how big your minimum payments are? |
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Definition
| how much money is in your balance |
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Term
| elizabeth warren was going to be the head of what |
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Definition
| the consumer protection agency |
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Term
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Definition
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Term
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Definition
| your credit history with credit cards |
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Term
| what was the credit card reform that has to do with interest rates |
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Definition
| credit card companies can't raise your interest rates unless they have a reason to |
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Term
| only two reasons that a credit card company can raise your interest rates |
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Definition
1. promotional rate ends
2. you don't make your payments |
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Term
| what changed from 15 to 45 b/c of new credit card laws |
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Definition
| the # of days that a credit card company must warn you before hand before raising your rates |
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Term
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Definition
| customers who only make the minimum payments, credit card companies like them becuase they pay back thier loans and interest |
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Term
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Definition
| when credit card customers aviod a rate increase by cancelling thier card and paying off thier debt at the rate that they had when they cancelled thier card |
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Term
| age limit on credit cards, for whom do the restrictions apply? |
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Definition
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Term
| people under 21 must to what to get a credit card |
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Definition
| have an adult cosign or prove that they have a source of income |
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