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Personal Finance Ch. 7
N/A
11
Economics
12th Grade
05/28/2014

Additional Economics Flashcards

 


 

Cards

Term
Assignment of Savings Account
Definition
A loan for which the borrower's savings account serves as collateral.
Term
Overdraft Protection
Definition
A financial institution's provision to extend credit (up to a predetermined limit) to cover an overdrawn checking account.
Term
Cash Advance
Definition
A feature of a bank card that enables the holder to obtain cash from a bank on request while increasing his bank card account debt by that amount.
Term
First Mortgage
Definition
A home loan in which the property serves as collateral.
Term
Second Mortgage
Definition
A loan secured on a home (that already has a first mortgage) with the equity of the house serving as collateral.
Term
Equity
Definition
The increased value of a home (because of inflation or improvements) beyond the amount owed on any outstanding mortgage.
Term
Consumer Finance Companies
Definition
Finance companies that make secured & unsecured personal loans & debt consolidation loans to the general public.
Term
Personal Loan
Definition
A loan considered as consumption borrowing for personal wants or needs.
Term
Debt Consolidation Loan
Definition
A loan used to pay all the borrower's outstanding debts so that his monthly payments may be reduced to that of one loan payment.
Term
Sales Finance Companies
Definition
Subsidiary companies created by large corporations to provide credit for the purchase of the corporation's products.
Term
Pawnbrokers
Definition
People who make small loans at rates of high interest, taking valuable merchandise as collateral.
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