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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 agreement to pay for it later.
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Capital
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Property you possess that is worht more than your debts.
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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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Is the total dollar amount of all intrest and fees you pay for the use of credit.
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Line of Credit
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A pre-establishes amount that can be borrowed on demand with no collateral.
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Deferred Billing
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A service available to charge customers whereby purchases are not billed to the customer until later.
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Open-Ended Credit
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An agreement too lend the borrower an amount up to a stated limit again.
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Annual Percentage Rate
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the cost of credit expressed as a yearly percentage.
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Sercive Credit
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An agreement to have a service performed now and pay for it later
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Closed-end Credit
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A loan for a specific amount that must be repaid by a state due date
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Loan Sharks
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unlicensed lenders who charge illegally high interest rates
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usaury laws
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set minimum interest rates that may by charged for loans
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Pawnbrokers
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legal business that makes high-interest loans based on the value of personal possessions pledged as collateral
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