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24 Cards in this Set
- Front
- Back
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Credit |
An arrangement to receive cash, goods, or services now and pay for them in the future. |
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Consumer Credit |
Use of credit for personal reasons. |
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Creditor |
An entity that lends money. |
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Closed-End Credit |
Credit as a one-time loan that is paid back over a specified period of time in payments of equal amounts. |
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Open-End Credit |
Credit as a loan with a certain limit on the amount of money that can be borrowed for a variety of goods & services. |
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Line of Credit |
The maximum amount of money a creditor will allow a credit user to borrow. |
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Grace Period |
Time period during which no finance charges will be added to an account |
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Finance Charge |
Total dollar amount paid to use credit |
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Net Income |
Income received from take-home pay, allowance, gifts and interests. |
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Annual Percentage Rate (APR) |
Cost of credit on a yearly basis, expressed as a percentage |
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Collateral |
A form of security that helps guarantee that the creditor will be repaid |
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Simple Interest |
Interest computed only on the principal |
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Minimum Monthly Payment |
Smallest amount one can pay and remain a borrower in good standing |
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Credit Rating |
A measure of a person's ability and willingness to make credit payments on time |
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Cosigning |
Agreeing to take responsibility for loan payments if the other person fails to make them |
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Bankruptcy |
A legal process in which some or all of the assets of a debtor are distributed among creditors because the debtor is unable to pay his or her debts |
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Finance |
To give or get money for |
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Title |
Document showing ownership |
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Portion |
Part |
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Pledge |
Promise |
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Promptly |
On time |
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Impostors |
People who deceive others by assuming different identities |
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Repossess |
Take back |
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Confidential |
Private |
