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The Basics of Credit

Section 25.1 and 25.2 Madi Gordon

QuestionAnswer
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
Created by: madilyn_gordon