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