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Argylls- Credit ME

Argylls 8 credit- ME

TermDefinition
Credit an arrangement to receive cash, goods, and services now and pay for them in the future
Consumer Credit the use of credit for personal needs; also an indicator of consumer spending and demand
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 maximum amount of money a creditor will allow a credit user to borrow
Loan borrowed money with an agreement to repay it with interest within a certain amount of time
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; take-home pay, allowance, gifts, and interest
Annual Percentage Rate (APR) the cost of credit on a yearly basis, expressed as a percentage
Collateral form of security to help guarantee that the creditor will be repaid
Simple Interest interest computed only on the principal, the amount that you borrow
Minimum Monthly Payment the smallest amount you can pay and remain a borrower in good standing
Credit Rating credit rating measure of a person's ability and willingness to make credit payments on time
Cosigning an agreement to be responsible for the loan payments if the other person fails to make them
Bankruptcy legal process in which some or all of the assets of a debtor are distributed among the creditors because the debtor was unable to pay his or her debts
Five C's of Credit character, capacity, capital, collateral, and conditions
Credit Sources (5) commercial banks, consumer finance companies, credit unions, life insurance companies, federal savings banks(savings and loan associations)
How much is the maximum amount of money you have to pay if someone uses your card illegally with the Consumer Credit Protection Act? $50
Created by: maddievans11