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Chapter 24

Across
the procedure under the Federal Bankruptcy Act by which a person is relieved of all debts once he or she has placed all property and money in a court’s care
failure to fulfill a legal obligation, such as making a loan payment or appearing in court on a specified date and time
lending money at high, often illegal, interest rates
credit for which the consumer must put up some kind of property as protection in the event a debt is not repaid
a form of credit in which the lender combines all of a person’s debts into a single monthly payment
interest charged for credit at a rate that changes slightly from time to time, going up or down within certain limits,
purchasing goods with delayed payment, as with a credit card
a person who provides credit, loans, money, or delivers goods or services before payment is made
additional money owed to a creditor in exchange for the privilege of borrowing money
a financing agreement in which the last payment of a loan is much higher than the regular monthly payments
credit based only on a promise to repay in the future
Down
money paid for the use of someone else's money; the cost of borrowing money.
the interest rate paid per year on borrowed money
money or property given as security in case a person is unable to repay a debt
a provision in a contract that makes the entire debt due immediately if a payment is not made on time or if some other condition is not met
the legally authorized process of taking a person’s money, generally by taking part of the person’s wages in order to pay creditors
a ruling against a party to a lawsuit who fails to take a required action
a person who owes money or buys on credit
the act of taking a debtor’s property or money to satisfy a debt, by court approval
a depositor’s order to a bank to refuse to honor a specified check drawn by him or her
the unlawful act of charging interest for various types of credit at rates higher than the state’s legal limit