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10 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 posses (such as bank accounts, investments and other assets) that is worth 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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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 whereby purchases 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 limit and to allow borrowing up to that limit again, whenever the balance falls below the limit.
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APR (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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service credit
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an agreement to have a service performed now and pay for it later.
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