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Argyll Chapter 8 Bem

Chapter 8 consumer credit Argylls BEM

QuestionAnswer
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