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Argyll Chapter 8 Bem
Chapter 8 consumer credit Argylls BEM
| Question | Answer |
|---|---|
| Credit | an arrangement to receive cash, goods, or services |
| consumer credit | the use of credit for personal needs |
| creditor | an entity that lends money |
| closed-end credit | one-time loan that you will pay back over a specified period of time |
| open-end credit | a loan with a certain limit on the amount of money you can borrow |
| line of credit | maximum amount of money a creditor will allow a creditor to borrow |
| grace period | time period during which no finance charges will be added to your account |
| finance charge | total dollar amount you pay to use credit |
| net income | income that you receive |
| apr | annual percentage rate |
| collateral | a form of security to help guarantee that the creditor will be repaid |
| simple intrest | interest computed only on the principal, or the amount that you borrow |
| minimum monthly payment | the smallest amount you can pay and remain a borrow in good standing |
| credit rating | a measurement of a persons ability and willingness to make credit payment on time |
| cosigning | Some that signs with you and agrees to pay if you don't pay |
| bankruptcy | Legal process in which some or all of the assets of a debtor are distributed amount creditors |
| NFCC | National foundation for consumer credit |
| CCCS | Consumer credit counseling service |
| How many C'S are there for credit | Five |
| ECOA | Equal credit opportunity act |
Created by:
Bemccord
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