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Chapter 6 Credit

TermDefinition
Credit An arrangement to receive cash, goods, or services now and pay for them in the future.
Consumer Credit The use of credit for personal needs.
Creditor An entity that lends money.
Closed-end Credit Credit as a one-time loan that you will pay back over a specified period of time in the payments of equal amounts.
Open-end Credit Credit as a loan with a certain limit on the amount of money you can borrow for a variety of goods and services.
Line of Credit The maximum amount of money a creditor will allow a credit user to borrow.
Grace Period A time period during which no finance charges will be added to your account.
Finance Charge The total dollar amount you pay to use credit.
Net Income The income you receive.
Annual Percentage Rate The cost of credit in a yearly basis, expressed as a percentage.
Collateral A form of security to help guarantee that the creditor will be repaid.
Simple Interest The interest computed only on the principal, the amount that you borrow.
Minimum Monthly Payment The smallest amount you can pay and remain a borrower is a good standing.
Credit Rating A measure of a person's ability and willingness to make credit payments on time.
Cosigning When you agree to be responsible for the loan payments if the other person fails to make them.
Bankruptcy A legal process in which some or all d the assets of a debtor are distributed among creditors because the debtor is unable to pay his or her debts.
Created by: s165591