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TermDefinition
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