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Argylls 8 CJS

TermDefinition
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