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Williams Consumer Ed

Chapter 11 Study Guide

TermDefinition
Principal a set portion of the loan amount that must be paid at a regularly scheduled intervals
Installment the original amount of money borrowed plus inter
Creditor a business or organization that extends credit
Credit the supply of money, goods, and services in exchange for the promise of payment
Cosigner person with strong established credit that signs the credit application and contract with the borrower
Credit score numerical rating based on credit report info
Credit rating an evaluation of a person's credit report info
APR an annual percentage rate that is charged for interest
Credit limit The maximum, amount of credit that the creditor will extend to the borrower
Down Payment portion of the purchase price paid with cash or check at the time of purchase
Bankruptcy legal relief from paying certain debts
Lien claim upon property to satisfy a debt
Repossession taking away property for failing to make payments
Garnishment legal withholding of a person's wages in order to collect a debt
Delinquent overdue payments
Created by: ebonyw411
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