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Argylls8EC

TermDefinition
Credit An arrangement to receive cash, goods, or services now and pay in the future.
Consumer credit The use of credit for personal needs.
Creditor A lender of money.
What can misused credit lead to? Bankruptcy or loss of creditworthiness.
An advantage of credit Gives time to pay for the good or service.
A disadvantage of credit Temptation to spend too much.
Closed-end credit A one time loan payed over a specified period of time.
Open-end credit A loan within a certain limit you can borrow for purchases.
Line of credit The maximum amount of money a creditor will allow to be borrowed by a credit user.
Grace period A time period with no financial charges added to your account to pay a debt.
Finance Charge The total
Debit cards are mostly used at... Automated Teller Machines (ATM's).
Net income Your take-home pay.
Annual Percentage Rate (APR) The cost of credit on a yearly basis.
A variable interest rate is based on... Changing rates in the banking system.
Collateral Form of security to help guarantee the creditor will be repaid..
True or false: a credit card is the same as a debit card False
Simple interest Interest computed only on the principal.
Credit rating A measure of a person's ability to make credit payments on time.
Cosigning A loan that means you agree to be responsible for the loan payments if the other person fails them.
Created by: ELCURTIS