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Credit/Borrowing 2

Survival Class Terms on Credit & Borrowing

TermDefinition
APR Annual Percentage Rate - cost of credit expressed as a yearly interest rate
Credit Card Plastic card used to access a line of credit
Capacity A person's ability to pay back a loan
Collateral Possessions of value that you own used to make loans less risky for the lender
Character Your reputation or trustworthiness to repay what you owe
Capital Existing cash on hand, savings, balance in checking
Principal The amount of money you borrow without the interest added
Interest The amount you pay to use money - expressed in percentage
Debt The total amount of money a person owes
Bankruptcy Legal process to get out of debt when you cannot make the required payments
Created by: mkschwartz
Popular Family and Consumer sets

 

 



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