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finances
Term | Definition |
---|---|
APR | Describes the cost of credit on an annual basis. |
debit card | Used for transaction that is deducted electronically. |
buyer beware | Serve as a warning to consumers to make careful purchasing. |
unsecured | Nothing of value the creditor can take if the loan is not repaid. |
lending act | Federal law that protects cardholders against unauthorized used of their credit cards. |
ATM card | Used to access a computer to get cash. |
car loan | Secured loan by the car. |
credit | Ability to obtain goods or services before payment. |
credit card | Is an unsecured loan. |
Intrest | Price of using someone else's money. |
credit card | Agreement between a lender and card holder. |
collateral | Property required by a lender and offered by a borrower. |
incentives | Perceived benefits that encourage certain behaviors. |
unsecured | Loan not backed by collateral. |
checking account | Account held at a bank or credit union which owner deposits funds. |
overdrafts | Account holder does not have enough money to cover transactions. |
check | Printed form directing a bank to withdraw money from an account to pay another account. |
debit card | Transaction card that replaces cash and check, "pay now". |
opportunity cost | Highest valued alternative given up when a choice is made. |
secured loan | Loan that is backed with collateral. |