19. Phrases and clauses commonly found in credit agreements DO NOT include

a. A default payment clause, which explains late payment charges and penalties

b. A deficiency clause, in which the creditor can repossess the goods. The borrower can also be forced to pay any amount still owed if it is not recovered through the sale of the repossessed goods

c. Wage assignment, or garnishment, allows the lender to collect a portion of the borrowers wages if the loan is defaulted

d. A statement that credit life insurance is required by law