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argylls 8 cbking

credit receive cash, goods or services now and pay for them on a later date.
consumer credit A debt that someone incurs for the purpose of purchasing a good or service.
creditor a person or company to whom money is owed.
closed-end credit is a type of credit that should be repaid in full amount by the end of the term
open-end credit A pre-approved loan between a financial institution and borrower that may be used repeatedly up to a certain limit
line of credit an amount of credit extended to a borrower.
grace period a period of time after a payment becomes due
finance charge is any fee representing the cost of credit
net income is an entity's income minus cost of goods sold, expenses and taxes for an accounting period.
annual percentage rate 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
simple interest A quick method of calculating the interest charge on a loan.
minimum monthly payment is the lowest amount of money that you are required to pay on your credit card statement each month
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
bankruptcy the state of being bankrupt.
finance the management of large amounts of money
title a name that describes someone's position or job
portion to have tastes way out of proportion to one's financial means
pledged give as security on a loan.
Created by: Cbking