Exam (elaborations) Wise 1

Collateral correct answer security given for loan, assets to secure the debt Capacity correct answer your ability to repay the debt. Do you have sufficient $money to repay a loan Capital correct answer "net worth". wealth in the form of money or property owned by a person Character correct answer good reputation, Integrity Credit history correct answer a summary of a person's borrowing and repayment history 50 dollars correct answer In the event that your credit card is stolen in the United States, federal law limits the liability of card holders to ____ regardless of the amount charged on the card by the unauthorized user. zero liability "Owes nothing "correct answer if just the credit card account number itself is stolen, federal law guarantees that the card holder has a___________ to the issuer. EFT correct answer electronic funds transfer; exchange of money by sending bank records via a computer network FDI correct answer the federal government protects your money up to $250,000 in a single account Department store charge cards .correct answer Which of the following is considered to be open-end credit? Notify the credit card companies correct answer A person has three credit cards with very large outstanding balances and is unable to make payments on any of them. Which action should the person take 10 years correct answer When a person declares bankruptcy that fact will appear on the person ?s credit report