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Credit/Borrowing 1

Survival Class Terms on Credit & Borrowing

TermDefinition
Credit Limit Maximum amount of money you can borrow on an account
Garnish Legal action to take money from wages to collect on a debt
Co-signor Person who agrees to repay a debt if you don't
Credit Report A record of how a person has used credit in the past
Credit Score A three digit number based on a person's credit report
Minimum Payment The lowest amount of money you can pay monthly to keep an account current
Installment Repayment of a loan amount in a set number of equal payments
Revolving Credit Ability to borrow up to a certain limit, no set pay-off date, ex: credit card account
Grace Period The amount of time before interest starts to accumulate on charged purchases
Loan Term Time or length of the loan repayment period
Created by: mkschwartz
Popular Family and Consumer sets

 

 



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