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Cards In This Set
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T/F If you have a dispute with a credit card purchase, pay the bill first.
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F
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When a credit card is lost or stolen, the law placed the principal risk of loss on the cardholder
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F
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If a debtor does not pay, the secured party has the right to repossess the goods
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T
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All debts may be discharged under the Bankruptcy Reform Act
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F
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Open-end credit may be increased by the debtor, up to a limit set by the creditor.
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T
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They party who buys goods on credit or borrows money is called the
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Debtor
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Charge accounts are examples of q
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Open end credit
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The propert pledged by the debtor as security for the debt is
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Collateral
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If unauthorized charges are made on a credit card before the issuing company is notified, the cardholder is liable for
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50$
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To assist consumers who recieve bills fro the charges they dispute, Congress passed the
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Fair Creit Billing Act
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Party who buys goods on credit or borrows money
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Debtor
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Credit that can be increased by the creditor by continuing to purchase foods or services on credit
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Open end
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Fee the borrower pays to the lender for using money
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Interest
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Loan in which credots obtain an interest in something of value for which they will be paid in the debotr goes not pay
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Secured loan
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Credit extended only for a specific amount of money and that cannot be increased by making additional purchases
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Closed end
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