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Argylls ch. 8 CJS
Argylls ch. 8 CS
Term | Definition |
---|---|
Credit | An arrangement to receive cash, goods, or services now and pay for them in the future. |
Consumer Credit | The use of credit for personal needs. |
APR | Annual Percentage Rate |
Creditor | an entity that lends money. |
Closed-end credit | Credit as a one-time loan that you will pay 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 | The maximum amount of money a creditor will allow a credit user to borrow. |
Grace Period | A time period during which 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. |
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 and still remain a borrower in good standing. |
Credit Rating | A measure of a person's ability and willingness to make credit payments on time. |
ECOA | Equal Credit Opportunity Act |
FCBA | Fair Credit Billing Act |
Three things you should do if you feel your identity has been stolen. | Contact the credit bureaus, contact the creditors, file a police report. |
If you purchase a defective item and the store will not accept a return you should... | tell your credit card company to stop payment because you made a sincere attempt to resolve, or clear up, the problem. |
To protect your card, you should take the following actions: | Be sure that your card is returned to you after you make a purchase and keep a record of your credit card numbers. |
Cosigning | The agreement to be responsible for the loan payments if the other person fails to make them. |