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Argylls 8 M.H.H.
| Term | Definition |
|---|---|
| Credit | An arrangement to receive cash, goods, or services now and pay for them later |
| Consumer Credit | Use of credit for personal needs |
| Creditor | An entity that lends money |
| Closed-End Credit | A one time loan that you will pay back over a specific amount of time |
| Open-End Credit | 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 on a yearly basis, expressed as a percentage |
| Collateral | A form of security to help guarantee that the creditor will be repaid |
| Simple Intrest | The interest computed only on the principal |
| Minimum Monthly Payment | The smallest amount you can pay and remain a borrower in good standing |
| Credit Rating | A measure of a person's ability and willingness to make credit payments on time. |
| Cosigning | A loan that means that 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 of the assets a debtor are distributed among the creditors on an installment basis |
| Debit Cards | A card that allows you to electronically subtract money from their checking or savings accounts |
| Cobranding | The linking of a credit card with a business trade name offering "points" or "premiums" toward the purchase of a product or service |
| Smart Card | A plastic card equipped with a computer chip that can store 500 times as much data as a normal credit card. |
| Store-Value Cards | A type of debit card, using technology to store information and track funds. |
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mhhobbs