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13 Cards in this Set
- Front
- Back
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credit
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mone borrowed to buy something now, with the agreement to payfor it later.
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capital
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is property you possess (such as bank accounts, investments, and other assets) that is worth more than your debts.
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collateral
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proerty pledged to assure repayment of a loan
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finance charge
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the total dollar amount of all interest 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 with no collateral
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deffered billing
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a service available to charge customers whereby puchases are not billed to the customer until later
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open-ended credit
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an agreement to lend the borrower an amount up to a stated limitand to allow borrowing up to that limit again, whenever the balance falls below the limit.
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annual percentage rate (APR)
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the cost credit expresses as a yearly percentage
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closed-end credit
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a loan for a specific amount that must be repaid, in full, including all finance charges, by a stated due date.
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service credit
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an agreement to have a service performed now and pay it for later
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loan sharks
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unlicensed lenders who charge illegally high interest rates
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usury laws
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set maximum interest rates that may be charged for loans
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pawnbroker
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a legal business that makes high-interest loans bases on the value of personal professions pledged as collateral
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