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Argylls 8 BKM

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 the use of credit for personal needs
creditor a person or company to whom money is owed
closed-end credit a one-time loan that you will pay back over a specified period of time in payments of equal amounts
open-end credit credit as a loan with a certain limit on the amount of money you can borrow for a variety of goods and services
line of credit maximum amount of credit a creditor will allow a credit user can use
grace period a time period during which no finance charges will be added to your account
finance charge 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 (APR) cost of credit on a yearly basis, expressed as a percentage
collateral something pledged as security for repayment of a loan, to be forfeited in the event of a default
simple interest determined by multiplying the interest rate by the principal by the number of periods.
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 to make payment on the other person's debt should that person default
bankruptcy legal process in which some or all of the assets of the debtor are distributed among the creditors because the debtor is unable to make payments
finance the management of large amounts of money, especially by governments or large companies
portion divide (something) into shares to be distributed among two or more people
pledged commit (a person or organization) by a solemn promise
title is a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest
Created by: Bkmiller101