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Argylls8 cjm
Argylls8 cjm
| Term | Definition |
|---|---|
| Credit | Arrangement to receive credit. |
| Consumer credit | The use of credit for personal needs. |
| Creditor | Entity that lends money. |
| Closed-end credit | one-time loan that is paid back over a specific period of time. |
| Open-end credit | a loan with a certain amount of money you can borrow. |
| Line of credit | a maximum amount of money that a creditor will allow you to borrow. |
| Name four kinds of loans. | expensive, home equity,inexpensive,medium-priced |
| Three kinds of credit cards | debit, co-branding, smart cards |
| Grace period | time when no finance charges will be added to your account. |
| finance charge | total dollar amount you use to use credit |
| net income | the income you receive (take home pay) |
| annual percentage rate(APR) | the cost of credit on a yearly bases |
| collateral | a form of security to help guarantee the creditor will be repaid |
| simple interest | interest computed only on the principal, the amount you borrow |
| credit rating | the measure of s persons ability and willingness to make credit payments |
| cosigning | a loan means that you agree to be responsible for the loan payments if the other person fails to make them |
| Bankrupty | is a legal process in which some or all the assets of a debtor are distributed among the creditor |
| variable interest rate | based on changing rates in the banking system |
| shorter term | shorter the period of time you will borrow |
| minimum mounthly payment | the smallest amount you can pay and remain a browwer in a good standing |
Created by:
modycartin
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