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10 Cards in this Set
- Front
- Back
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Discretionary Income
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Money that is left over when the bills have been paid
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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 possessed that is worth more than debts owed
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Collateral
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Property pledged to a creditor to assure repayment of a loan
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Finance Charge
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The total dollar amount of all interest and 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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Deferred Billing
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A service available to charge customers whereby purchases are not billed to the customer until a later date
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Open-Ended Credit
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An agreement to lend the borrower an amount up to a stated limit and to allow borrowing up to that limit again, whenever the balance falls below the limit
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Annual Percentage Rate
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The cost of credit expressed 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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