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13 Cards in this Set
- Front
- Back
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credit
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money borrowed to buy something now, with the agreement to pay for it later
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capital
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property you posess
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collateral
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property pledged to assure repayment of a loan
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finance charge
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the totaly sollar amount of all intrest fees you pay for the use of credit
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line of credit
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a pre-established amount that can be borrowed on demand without collateral
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deffered billing
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a service avalible to charge customers whereby phurchases are not billed to the customer untill later.
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open-ended credit
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an agreement to lend the borrower that amount up to a stated limit again, whenever the balance falls below the limit
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annual percentage rate (APR)
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the cost of credit expressed as a yearly precentage
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closed-end credit
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a lona for a specific amount that must be repaid, in full, including all finace charges, by a stated due date
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srevice credit
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an agreement to have a service performed now and pay for it later
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loan sharks
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unlicensed lenders who charge illegally high intrest rates
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usury laws
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set maximum intrest rates that may be charges for loans
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pawnbroker
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a legal business that makes high-intrest loans based on the value of personal possessions pledged a collateral
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