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The least expensive loan is
Parents or family members, and lending institutions.
the Medium priced loans is
commercial banks, federal savings banks, and credit unions.
The expensive priced loans are
Finance companies, retailers, bank through credit cards.
Truth in lending law
a federal law hat requires creditors to disclose annual percentage rates and the finance charge as a dollar amount
The add on interest method is
a method of computing interest in which interest is calculated on the full amount of the original principal
Adjusted balance method is
Assessment of finance charges after payments made during the billing period have been subtracted
previous balance method is
Computing finance charges that give no credit for payments made during the billing period
Average daily balance method is
Computing finance charges that uses a weighted average of the account balance throughout the current billing period
Rule of 78s is
A mathematical formula to determine how much interest has been paid at any point in a loan term
Fair Debt Collection Practices Act (FDCPA)
A federal law, enacted in 1978, that regulates debt collection activities
Debt collectors are prohibited by federal law to..
contact you about a debt at a time or place they know is inconvenient for you
Consumer Credit Counseling Service (CCCS)
A local, nonprofit organization that provides debt counseling services for families and individuals with serious financial problems.
The major provisions of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009:
limits the issuer's ability to increase the interest rate in the first year
