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Chapter 3 Crossword Puzzle

Across
Situation when a borrower fails to make payments according to the schedule set up when the loan originated
The interest that is charged to a buyer when paying for a purchase or service over time
Type of credit card where the entire bill doesn't have to be paid in full each month
Situation in which the minimum payment on a credit card is less than the interest that is being charged, so the amount owed increases rather than decreases
Card that acts like an electronic check; with each purchase, the amount is deducted from a checking account
Involuntary form of wage assignment, often done by court order
An information box required on credit card statements to show how long it would take for the balance to be paid off if only the minimum payment was made each month and no extra charges were added to the account
Interest builds up or adds to the principal
Predetermined amount of time set by the credit card company that's used for calculating a credit card bill
Organization or person who extends credit to debtors
Penalty charged for late payments in a credit transaction
The balance, or amount of money, in an account, or amount borrowed
Sore that summarizes the probability that a debtor will pay a debt and is a reliable way that creditors judge creditworthiness
A debit is the amount charged to an account; a credit is payment made to reduce your debt; credits are identified by a negative
Special type of credit card where the monthly bills for all purchases must be paid in full and there is no interest charged
Organization or person who uses credit
Down
Form on which a loan applicant must supply personal and financial data that will assist in the loan decision-making process
Accumulated interest that will be added to the loan when the requirement period begins
When something is not paid for at the time of purchase
Interest rate paid or charged per year
Difference between maximum amount allowed and the actual amount owed on a credit card
Card that entitles its holder to make purchases and pay for them later
Situation when no payment is required on a loan