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EPF Chapter 15

credit an arrangement to receive cash, goods, or services now and pay for them in the future.
consumer credit the use of credit for personal needs
creditor a financial institution, merchant or individual that lends money
closed-end credit credit as a one-time loan that you will pay back over a specified period of time in payments of equal amounts
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 maximum amount of money a creditor will allow a credit user to borrow
grace period a time period which no finance charges will be added to your account
finance charge the total dollar amount you pay to use credit
net income income you receive ...take home pay
annual percentage rate cost of credit on a yearly basis expressed as a percentage
collateral a form of security to help guarantee that the creditor will be repaid
simple interest interest compounded only on the principal, the amount that you borrow.
cosigning this means that you agree to be responsible for the loan payments if the other person fails to make them
bankruptcy 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 his or her debts
finance give or get money for
title document showing ownership
portion part
pledged promised
promptly on time
imposters people who deceive others by assuming different identities
repossess take back
confidential private
credit rating measure of a person's ability and willingness to make credit payments on time
FICO score a credit score between 350 and 850 used to determine how risky a borrower is.
Created by: kshall