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Argylls8mgh
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 | credit as a one-time loan that is paid 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 money a creditor will allow a credit user to borrow |
grace period | time period during which no finance charges will be added to an account |
finance charge | total dollar amount paid to use credit |
net income | income received from take-home pay, allowance, gifts, and interest |
annual percentage rate (APR) | cost of credit on a yearly basis, expressed as a percentage |
collateral | a form of security that helps guarantee that the creditor will be repaid |
simple interest | interest computed only on the principal |
minimum monthly payment | smallest amount that one can pay and remain a borrower in good standing |
credit rating | a measure of a person's ability and willingness to make credit payments on time |
cosigning | You agree to be responsible for the loan payments if another person fails to make them |
bankruptcy | A legal process in which some or all of the assets of a debtor are distributed among the creditors because the debtor is unable to pay his or her debts |
finance | Give or get money for |
title | Document showing ownership |
portion | Part |
pledged | Promise |
promptly | On time |
imposters | People who deceive others by assuming different identities |
repossess | Take back |
confidential | Private |