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Consumer Credit

Consumer Credit Terms

QuestionAnswer
Credit The supplying of money, goods, or services at present in exchange for the promise of future payment.
Creditor The business or organization that extends the credit.
Installments A set portion of the loan amount that the borrower must pay at regularly scheduled intervals.
Sales Credit Buy something now and pay for it later.
Closed-End Credit A one time extension of credit for a specific amount and time period.
Collateral Property that is pledged to guarantee repayment of a loan.
Secured Credit Is backed by a pledge of property.
Payment Schedule Specifies the date on which installment payments are due and the amount of each installment.
Open-End Credit Also called line of credit. Can be used repeatedly.
Finance Charge The total cost of using credit, includes interest and fees
Opportunity Costs The wants and needs that are given up when a purchase is made.
Impulse Buying Purchasing items that were unplanned.
Credit History The pattern of past behavior in regard to repaying debt.
Credit Bureaus A firm that collects information about the credit worthiness of consumers.
Credit Report Information complied by credit bureaus and reporting agencies about a particular consumer’s transactions and payment patterns.
Credit Rating An evaluation of a consumer’s credit history based on the credit report and other information.
Credit Score A numerical rating, based on credit report information that represents a person’s level of credit worthiness.
Cosigner A person with a strong established credit history who signs the credit application and contract along with the borrower.
Secured Credit Card A card that requires a consumer to keep a savings account as security or pay them money in exchange for credit.
Private Label Cards This can only be used at a single retailer.
General Purpose Card This can be used in million of different location across the country or around the world.
Annual Fee A yearly charge for the use of a credit card.
Annual Percentage Rate The annual rate of interest that is charged for using credit.
Variable Rate The APR can go up or down depending on economic factors.
Teaser Rate A low introductory rate that is in effect for only a limited time.
Computation Method How finance charges are computed.
Minimum Payment The least amount allowed to pay on what you owe.
Grace Period A period of time during which the balance may be paid in full to avoid finance charges.
Minimum Finance Charge The least amount charged based on what you owe.
Credit Limit The maximum amount of credit that the creditor will extend to the borrower.
Created by: tlahr