Shared Flashcard Set

Details

Week 8
By Kayla, Mikayla, & Kate
10
Finance
9th Grade
01/26/2012

Additional Finance Flashcards

 


 

Cards

Term
Bankrupt
Definition
A individual with ineffective assets to cover debt
Term
Bankruptcy
Definition
When a person does not have to pay off theirs debts because they are no longer able to
Term
Consumer credit counseling
Definition
Places where people learn ways to repay debts
Term
Creditor
Definition
A person or company to whom money is owed
Term
Debt consolidation loan
Definition
A single larger loan instead of many loans; lower monthly payment and a longer repayment period
Term
Financial counseling
Definition
Same as consumer credit counseling
Term
Garnishment
Definition
A legal warning concerning the attachment of property to satisfy a debt
Term
Home equity loan
Definition
A loan that says fair market value exceeds the over the debt owed on the property; secured by a primary residence or second home
Term
Repossession
Definition
When someone takes control of someone possessions because they are debt.
Term
How long is bankruptcy on your credit record?
Definition
10 years
Supporting users have an ad free experience!