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Argylls 8 CLW
| Term | Definition |
|---|---|
| credit | the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future. |
| consumer credit | use of credit for personal needs. |
| creditor | a person or company to whom money is owed |
| closed-end credit | type of credit that should be repaid in full amount by the end of the term, by a specified date. |
| open-end credit | A pre-approved loan between a financial institution and borrower that may be used repeatedly up to a certain limit and can subsequently be paid back prior to payments coming due. |
| line of credit | an amount of credit extended to a borrower. |
| grace period | a time period during which no finance charges will be added to your account. |
| finance charge | is any fee representing the cost of credit, or the cost of borrowing. |
| net income | is an entity's income minus cost of goods sold, expenses and taxes for an accounting period. |
| annual percentage rate | The annual rate that is charged for borrowing (or made by investing), expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan. |
| collateral | something pledged as security for repayment of a loan, to be forfeited in the event of a default.0. |
| simple interest | A quick method of calculating the interest charge on a loan. |
| minimum monthly payment | The smallest amount of a credit card bill that a consumer can pay, to remain in good standing with the credit card company. |
| credit rating | an estimate of the ability of a person or organization to fulfill their financial commitments, based on previous dealings. |
| cosigning | The act of signing for another person's debt which involves a legal obligation made by the cosigner to make payment on the other person's debt should that person default. |
| bankruptcy | the state of being bankrupt. |
| finance | the management of large amounts of money, especially by governments or large companies. |
| title | a name that describes someone's position or job. |
| portion | a part of a whole; an amount, section, or piece of something. |
| pledged | give as security on a loan. |
| promptly | with little or no delay; immediately. |
| impostors | a person who pretends to be someone else in order to deceive others, especially for fraudulent gain. |
| repossess | retake possession of (something) when a buyer defaults on payments. |
| confidential | entrusted with private or restricted information. |
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Cvvamp
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