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The Basics of Credit
Section 25.1 and 25.2 Madi Gordon
Question | Answer |
---|---|
an agreement to obtain money, goods, or services now in exchange for a promise to pay in the future. | Credit |
lends money or provides credit | Creditor |
borrows money or uses credit | Debtor |
Creditors charge a fee for using their money | Interest |
Credit used by business | Commercial Credit |
a measure of a person's ability and willingness to pay debts on time | Credit Rating |
credit provided by a store or company for customers to buy its products | Charge Account |
Loans repaid in regular payments over a period of time | Installment Loans |
something of value the bank can take if a borrower does not make the required loan payments | Collateral |
Type of credit used by people for personal reasons | Consumer Credit |
of or relating to soldiers, arms, or war | military |
to play a significant part in bring about an end or result | contributes |
continually occuring or recurring | constantly |
to pledge or assign | committed |
present or ready for immediate use | available |
occurring or happening every year or once a year | annual |
a series of things in a line | range |
an alternative course of action; a choice | options |
the point where you cannot charge any more | Credit limit |
based on the value of something you own that is left with a pawnbroker as security against money borrowed. | Pawnshop |
short-term loans until payday | Payday advance service |