WHAT IS CONSUMER CREDIT? CHAPTER 6 NAME TEACHER DATE NAME, TEACHER AND DATE1

ABOUT CREDIT LINKS: NAME, TEACHER AND DATE2

3

4 Revolving credit is a type of credit that can be used repeatedly up to a certain limit as long as the account is open and payments are made on time. With revolving credit, the amount of available credit, the balance, and the minimum payment goes up and down depending on the purchases and payments made to the account. available creditminimum payment Payments are made based on the amount that's been borrowed, plus an interest charge based on the balance. With revolving credit, you have the choice of repaying the balance over a period of time or immediately. Types of revolving credit include credit cards and lines of credit. For example, you may get a credit card with ACME Bank with a $1,000 limit. You have the ability to make purchases on the card at any time as long as you stick to the terms (e.g. don't go over the limit and make the minimum payment on time). ALSO KNOWN AS: OPEN-END CREDIT

NAME, TEACHER AND DATE5 Definition: Non-revolving credit is credit that can't be used again after payment. Examples are student loans and auto loans that can't be used again once they've been repaid. In the case of a non-revolving credit card, the balance must be repaid that the end of the billing cycle. Also Known As: closed-ended credit

DEFINE EACH TERM: PAGE 154 CREDIT CONSUMER CREDIT CREDITOR NAME, TEACHER AND DATE6

FACTORS TO CONSIDER BEFORE USING CREDIT: PAGE NAME, TEACHER AND DATE7

CREDIT: PAGE 156 ADVANTAGES DISADVANTAGES NAME, TEACHER AND DATE8

TYPES OF CREDIT: PAGE 157 CLOSED-END DESCRIBE OPEN-END DESCRIBE NAME, TEACHER AND DATE9

LIST FIVE WAYS TO GET A GOOD CREDIT RATING: PAGE NAME, TEACHER AND DATE10

CREDIT CARD PHOTO GALLERY NAME, TEACHER AND DATE11