What is Installment credit and provide an example?
PF@E Unit 6 Credit and Insurance,

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Social Studies
•
9th - 12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
A type of credit that is paid off in regular installments over time.
2.
FLASHCARD QUESTION
Front
What is Revolving credit and provide an example?
Back
A type of credit that allows you to borrow up to a certain limit and pay back over time, like a credit card.
3.
FLASHCARD QUESTION
Front
What is the key difference between revolving credit and installment credit?
Back
Revolving credit allows you to borrow up to a certain limit and pay it back over time, while installment credit involves borrowing a fixed amount and repaying it in regular installments.
4.
FLASHCARD QUESTION
Front
Bankruptcy is a legal process involving what?
Back
Reorganization of a debtor's obligations
5.
FLASHCARD QUESTION
Front
The leading cause of bankruptcies is: Medical expenses, Credit card debt, Student loans, Gambling losses
Back
Medical expenses
6.
FLASHCARD QUESTION
Front
Declaring bankruptcy impacts a person’s credit score by:
Back
Lowering it significantly
7.
FLASHCARD QUESTION
Front
What are the long term effects of a bankruptcy?
Back
Difficulty in obtaining credit
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