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argylls nsk
argylls nsk chapter 8
Term | Definition |
---|---|
credit | an arrangement to receive cash, goods, or services now and pay for them in the future. |
creditor | a financial individual. |
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. |
line of credit | the maximum amount of money a creditor will allow a credit user to borrow |
grace period | time period during which no finance charges will be added to your account. |
net income | the income you get. |
annual percentage rate (APR) | the cost of credit on a yearly basis, |
collateral | a form of security to help[ guarantee that the creditors will be repaid. |
simple interest | the interest computed only on the principal |
minimum monthly payment | is a small amount you can pay and remain a borrower In good standing |
credit rating | a measure of a persons ability and willingness to make credit payments on time. |
cosigning | mean that you will 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 there payments |
cccs- consumer credit counseling | a nonprofit organization |
impostor | someone acting like someone else. |
promptly | on time |
closed-end-credit | a one time loan that you will pay back over a peridd of time. |
three types of cards | smart cards, debit card,cobranding |
two types of loans | inexpensive and medium-priced |
finance charge | the total dollar amount you pay to use credit |