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Credit an arrangement to receive cash, goods, or services now and pay for them in the future
Consumer credit use of credit for personal needs
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 variety of goods
Line of credit maximum amount of money a creditor will allow a credit user to borrow
Name four types of Loans Inexpensive Loans, Medium-Priced Loans, Expensive Loans, and Home Equity Loans
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
Name three types of credit cards Debit card, Cobranding, Smart cards
Net income income you receive (take-home pay, allowance, gifts & interest)
(APR) 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
credit rating measured of a person's ability and willingness to make credit payments on time.
Cosigning a loan means that 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
Variable Interest Rate based on changing rates in the banking system
Shorter Term shorter the period of time for which you borrow, smaller the chance you will prevent from repaying your loan
minimum monthly payment the smallest amount you can pay and remain a borrower in good standing
Created by: rustytoiletpaper