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W!SE Review: Credit

TermDefinition
3 C’s of Credit Capacity, Character, Collateral
APR (Annual Percentage Rate) This is the amount of interest a borrower will be charged on credit each year.
Balance owed (Balance) Current amount owed on a debt.
Bank A financial institution that handles money, including keeping it for saving or commercial purposes; a for profit company that is owned by investors.
Bankruptcy The legal act of asking a federal court to declare one unable to pay debts owed to creditors. The ramifications differ depending upon whether one files for chapter 7 or chapter 13 . This will determine how remaining debts are paid.
Cash Advance Money borrowed on a credit card account, usually associated with higher interest rates.
Collateral An item of value pledged as a guarantee for payment of a loan which can be repossessed by the lender if the loan is not paid back.
Consumer debt All of the private loans that people have that aren’t secured by real estate.
Credit Card A type of revolving credit where the borrower uses a card to purchase items or borrow money up to a designated credit limit and pay the loan back over time.
Credit report/history/record A record of one’s past history of paying bills and outstanding credit.
Finance Charge How much someone pays the lender for the use of credit usually in interest payments and other fees.
Foreclosure The process a lender goes to take possessions of a home because the borrower fails to pay the mortgage.
Garnishment A court ruling that requires that money be deducted from a person’s paycheck involuntarily in order to pay a debt.
Grace Period The time between the date a customer is billed and the date the payment is due when no interest is charged.
Identity Theft When someone steals a person’s personal information in order to assume their identity usually for financial gain.
Interest (APR) This is the amount of interest a borrower will be charged on credit each year.
Lien Occurs when a creditor can take one or more of your personal possessions as security or in payment of a debt.
Credit line/limit The maximum amount that a person can borrow on a credit account.
Liquidation The act of selling one’s personal possessions to repay debts.
Minimum payment The smallest amount that a borrower can pay on an amount owed usually associated with credit cards.
Mortgage A loan for the purpose of buying a home.
Pawn Shop Businesses that give high interest loans based on the value of personal possessions. Businesses hold onto the possessions until the borrower either pays back the loan within specified period of time or the loan is not repaid and the broker can sell item.
Payday Loan A high interest loan where money is borrowed against a future paycheck.
PIN Personal Identification Number
Repossession Occurs when the collateral for a secured loan is taken back by a lender due to non payment of the loan; usually associated with cars.
Secured Loan Loan that requires security in the form of collateral that can be taken if the borrower is unable to pay.
Unsecured Loans Loans made without the borrower offering any specific assets as security for the loan with lending based solely on the borrower’s credit rating.
Created by: bmparsons79