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Chapter 8 Credit

Credit Is an arrangement to receive cash, goods, or services now and pay for them in the future.
Creditor A financial individual
Open-end Credit Is credit as a loan with a certain limit on the amount of money you can borrow for a variety of goods and services.
Closed-end Credit A one-time loan that you will pay back over a period of time.
Grace Period A time period during 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.
Collateral IS a form of security to help guarantee that the creditor will be repaid.
Annual Percentage Rate (APR) The cost of credit on a yearly basis expressed as a percentages
Simple Interest Is the interest computed only on the principal
Minimum Monthly Payment The smallest amount you can pay and remain a borrower in good standing.
Credit Rating A measure of a person's ability and willingness to make credit payments on time.
Cosigning Means 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 because the debtor is unable to pay their dept.
CCCS - Consumer Credit Counseling Service Nonprofit organization.
Impostors Personal information to commit fraud.
Promptly On time payer.
Name 3 types of credit cards Debit, Credit, Smart Cards.
Line of Credit The maximum amount of money a creditor will allow a credit user will borrow.
Name 3 types of loans Home Equity Loans, Expensive Loans,Inexpensive Loans.
Created by: chesney_shonk