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Weekly Quiz 6
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Question 1 of 1
Drag the correct word or phrase to the right-hand column next to its definition.
- Predatory lending
- Revolving credit
- 20/10 Rule
- Closed-end credit
- Credit history
- Debit card
- Finance charge
Lending practices that impose unfair or abusive loan terms on a borrower
A credit agreement that allows consumers to pay all or part of the outstanding balance on a loan; as credit is paid off, it becomes available to use again
This rule of thumb helps you use credit wisely: borrow no more than 20 percent of your annual net income (including credit cards, but excluding a mortgage loan), and payment on those loans should not be more than 10 percent of your monthly net income
This type of credit is repaid in full by the end of the term
A record of a consumer's ability to repay debts and their demonstrated responsibility in doing so
A small plastic card used to pay for things by having funds taken directly from your bank account
The percentage charge applied to the daily or monthly balances as described in the credit agreement