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Ch. 25 Vocabulary

Teacher: Robert M. Richardson - Law Education
Across
a fee for service, such as using a bank's ATM
a person who owes money or buys on credit
interest charged for credit at a rate that changes slightly from time to time, going up or down within certain limits, depending on changes in the economy
credit based only on a promise to repay in the future
the unlawful act of charging interest for various types of credit at rates higher than the state's legal limit
insurance against theft or damage of items purchased with loans
money paid for the use of someone's money; the cost of borrowing money. Money put in a savings account earns interest, while borrowing money costs interest
a financing agreement in which the last payment of a loan is much higher than the regular monthly payments
a person who provides credit, loans money, or delivers goods or services before payment is made
Down
a written statement of money owed
failure to fulfill a legal obligation, such as making a loan payment or appearing in court on a specified date and time
to take back a debtor's property because the debtor failed to repay a debt
the interest rate paid per year on borrowed money
the legally authorized process of taking a person's money, generally by taking part of the person's wages in order to pay creditors
also called a check card; a card used to make purchases in which the purchase price is deducted from your bank account
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
a form of credit in which the lender combines all of a person's debts into a single monthly payment. In effect, this is refinancing of a person's existing debts, often with an additional, higher interest charge
(1) a deduction from what is owed; (2) purchasing goods with delayed payment, as with a credit card; (3) money that is loaned
a depositor's order to a bank to refuse to honor a specified check drawn by him or her
additional money owed to a creditor in exchange for the privilege of borrowing money
a ruling against a party to a lawsuit who fails to take a required action (for example, failing to file a paper on time)
the act of taking a debtor's property or money to satisfy a debt, by court approval
money or property given as security in case a person is unable to repay a debt