chapter 6 questions

What is chapter 7 bankruptcy?

relieves credit and charges

Which law gives a borrower the right to stop payment?

Fair Credit Billing Act

The usual trade-off of choosing small payments is?

Paying more in interest

You will probably find the least expensive loan from who?

a family member

Under the equal credit Opportunity Act, you may sue a creditor if the creditor?

discriminates against you

The legal process in which some or all of a debtor's assets are distributed among creditors because the debtor cannot pay his or her debts is called?

Bankruptcy

What is chapter 13 bankruptcy?

able to develop a plan to repay all or parts of their depts

No matter how often you make payments, interest is calculated on the full amount of the original principal with the?

add-on interest method

The greatest disadvantage of using credit cards?

being tempted to overspend

Which of the "five C's credit" does your income affect?

capacity

The periodic charge for using credit is called what?

intrest