Chapter 15 Consumer Credit Questions
The usual trade-off of choosing small payments is
paying more in interest
Which law gives a borrower the right to stop payment
Fair Credit Billing Act
Chapter 7 Bankruptcy receives an individual from debts arising from
credit card charges
Under the Equal Credit Opportunity Act, you may sue a creditor if the creditor
discriminates against you
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 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
The greatest disadvantage of using credit cards is
being tempted to over spend
Which of the five Cs of credit does your income affect
capacity
You will probably find the least expensive loan from
family members
The periodic charge for using credit is called
interest