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Argylls 8 HLH

TermDefinition
Credit An arrangement to receive cash, goods, services now and pay for them now and pay for them in the future.
Creditor An entity that lends money.
Closed-end credit Credit as a on e-time loan that you will pay back over a specified period of time in payments of equal amounts.
line of credit the maximum amount of money a creditor will allow a credit user borrow.
What are four kinds of loans? Inexpensive, medium-priced, expensive, and home equity loans.
finance charge the total dollar amount you pay to use credit.
grace period a time during which no finance charges will be added to your account.
What are three kinds of credit cards? Debit card, cobranding, and smart card.
APR Annual Percentage Rate
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, the amount that you borrow.
credit rating a measure of a person's ability and willingness to make credit payments on time.
cosigning loan means that you agree to be responsible for the loan payments if the other person fails to do so.
bankruptcy a legal process in which some or all of the assets of the debtor are distributed among the creditors.
minimum monthly payment the smallest amount you can pay and remain a borrower in good standing.
what are the five Cs of credit. character, capacity, capital, collateral, and conditions.
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.
What is an advantage of credit? Lets you enjoy goods and services now and pay for them later.
What is a disadvantage of credit? Credit is a temptation to buy more than you can afford.
Created by: hlhiatt