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Argyll 8 BB

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Question
Answer
Credit   an arrangement to receive cash, goods, or services now and pay for them in the future.  
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Creditor   the business that gives out loans.  
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Open-end credit   credit as a loan with a certain limit on the amount of money you can borrow.  
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line of credit   the maximum amount of money a creditor will allow a credit user to borrow.  
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grace period   a time period during which no finance charges will be added to your account.  
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finance charge   the total dollar amount you pay to use credit.  
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net income   the income you actually receive after taxes.  
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APR   annual percentage rate  
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Collateral   a form of security for the creditor where you put an item down and if you don't pay the loan the creditor receives the item.  
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Simple Interest   interest only computed by the principal  
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minimum monthly payment   the smallest amount you can pay to still be a borrower in good standing.  
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credit rating   a rating based on the person willingness and ability to pay a loan.  
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CCCS   Consumer Credit Counseling Service  
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NFCC   National Foundation for Consumer Credit  
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Bankruptcy   a legal process in which come or all of someones assets is giving to the creditor.  
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debit card   a card that allows the user to draw money straight out of their account.  
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Loan   borrowed money with a promise to repay it plus interest.  
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closed-end credit   a one time loan that you pay back over time.  
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Credit score   a snapshot of your credit rating.  
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cosigning   signing to a loan with someone and saying if they don't pay for it you will  
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Created by: BrocktonButcher
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