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Argylls Credit CJE

QuestionAnswer
Credit an arrangement to receive cash
Consumer Credit the use of credit for personal needs
Creditor an entity that lends money
Closed-end credit credit as one-time loan that you will pay back over a specified period of time
open-end credit credit as a loan with a certain limit on the amount of money you can borrow
line of credit the max 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
annual percentage yield the cost of credit on a yearly basis, expressed as a percentage
collateral a form of security that helps guarantee that the creditor will be re payed
simple intrest interest computed only on the principle
minimum monthly payment smallest amount that one can pay and remain a borrower in good standing
credit rating a measure of a persons responsibility and willingness to make credit payments on time
cosinging you agree to be responsible for the loan payments if the other 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 the debtor is unable to pay his debts
what are the five C's of credit character, capacity, capital, collateral, and conditions
advantage of credit it lets you enjoy goods or services now and pay for them later
disadvantage of credit the temptation of buying something you cant afford
whit is the (ECOA) it keeps the consumer safe from being discriminated against
Created by: cjelkins
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