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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