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Argylls 8 AM
| Term | Definition |
|---|---|
| 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 |
| Finance | give or get money for something/anything |
| Closed-End Credit | one-time loan that you will pay back over a specified period of time in payments of equal amount |
| Title | document showing ownership |
| Open-End Credit | 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 |
| Grace Period | a 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 you receive (take-home pay, allowance, gifts, & interest) |
| APR | (annual percentage rate) cost of credit on a yearly basis |
| Collateral | form of security to help guarantee that the creditor will be repaid |
| Pledged | promised |
| Simple Interest | interest computed only on the principal, the amount that you borrow |
| Minimum Monthly Payment | smallest amount you can pay and remain a borrower in a good standing |
| Five C's of Credit | character, capacity, capital, collateral, conditions |
| Credit rating | measure of a person's ability and willingness to make a credit payments on time |
| Promptly | on time |
| Imposters | people who deceive others by assuming different identities |
Created by:
allisonem09
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