Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Argylls 8 CJS
| Term | Definition |
|---|---|
| credit | an arrangement to receive cash, goods or services now and pay for them in the future |
| 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 the bank back over a specified period of time |
| open-end credit | a loan with a certain limit on the amount of money |
| line of credit | the maximum amount of money a creditor will allow a credit user to barrow |
| grace period | a time period where 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 (APR) | the cost of credit on a yearly basis |
| collateral | a form of security to help guarantee that the creditor will be repaid |
| simple interest | the interest computed only on the principal |
| minimum monthly payment | the smallest amount you can pay |
| credit rating | a measure of a persons 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 do so |
| bankruptcy | is a legal process in which some or all of the assets of a debtor are distributed among the creditors |
| impostors | people who deceive others by assuming different identities and all of your personal information |
| Credit Card Act | the act passed in 2009 that established fair and clear practices for extending credit to consumers |
| Your creditor must acknowledge your letter within ___ days | 30 |
| promptly | on time |
Created by:
Caciseals14