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Credit Cards
| Term | Definition |
|---|---|
| Payment Types | what you actually use to buy something; cash, checks, debit cards, and credit cards |
| Interest | the fee someone pays to be able to borrow money |
| Credit | making purchases now and paying for them later |
| Credit Card | a plastic card used to make purchases now and pay for them later |
| Debtor | anyone who owes money |
| Finance Charge | a fee for borrowing money |
| Late Fees | additional fees that can be added to a credit card bill if the cardholder fails to make at least the minimum payment by the due date |
| Minimum Payment | the smallest required payment that a credit card holder can pay on a monthly bill and still remain in good standing with the lender |
| Principal | the amount of money borrowed |
| Creditor | a lender |