Credit: Day 4

0.0(0)
Studied by 0 people
call kaiCall Kai
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/9

encourage image

There's no tags or description

Looks like no tags are added yet.

Last updated 6:01 PM on 8/19/26
Name
Mastery
Learn
Test
Matching
Spaced
Call with Kai
Chat

No analytics yet

Send a link to your students to track their progress

10 Terms

1
New cards

Balance Transfer

A transfer of your existing credit card balance to another credit card. Used when a person wants to move their credit card debt onto a card with a lower interest rate.

<p>A transfer of your existing credit card balance to another credit card. Used when a person wants to move their credit card debt onto a card with a lower interest rate.</p>
2
New cards

Co-signer

A person who is equally responsible for paying back debt under the credit terms

<p>A person who is equally responsible for paying back debt under the credit terms</p>
3
New cards

Debt Settlement

You agree to pay a smaller portion of your debt, but promise to pay that entire amount by a deadline.

<p>You agree to pay a smaller portion of your debt, but promise to pay that entire amount by a deadline.</p>
4
New cards

debt consolidation

When a person combines several loans into one by taking out a new loan (with lower interest) to pay off the debt.

<p>When a person combines several loans into one by taking out a new loan (with lower interest) to pay off the debt.</p>
5
New cards

Chapter 7 Bankruptcy

Liquidation- a person sells all their assets in an effort to repay creditors. Debt is completely eliminated but stays on your record for 10 years.

<p>Liquidation- a person sells all their assets in an effort to repay creditors. Debt is completely eliminated but stays on your record for 10 years.</p>
6
New cards

Chapter 13 Bankruptcy

Reorganization- people can keep their assets and have a payment plan to repay debts. Stays on your record for 7 years.

<p>Reorganization- people can keep their assets and have a payment plan to repay debts. Stays on your record for 7 years.</p>
7
New cards

Arbitration

Two people in a disagreement use a 3rd person to help them agree on a solution.

<p>Two people in a disagreement use a 3rd person to help them agree on a solution.</p>
8
New cards

negotiate

back-and-forth communication to reach an agreement.

<p>back-and-forth communication to reach an agreement.</p>
9
New cards

Garnishment

a legal process that allows part of your paycheck to be withheld for payment of a debt

<p>a legal process that allows part of your paycheck to be withheld for payment of a debt</p>
10
New cards

Lien

A legal order that allows someone to keep the property of a person who owes them money until the money has been paid back.

<p>A legal order that allows someone to keep the property of a person who owes them money until the money has been paid back.</p>