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13 Cards in this Set
- Front
- Back
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credit
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is the borowed to buy something now with the agreement to pay for it later
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capital
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is property you posses that is worth more than you debts
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collateral
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is 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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which is a pre-established amount that can be borrowed on demand with no collateral
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Deferred billing
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Service available to charge customers whereby purchases are not billed to the customer until latr.
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Open-ended credit
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Agreement to lend the borrower an amount up to a stated limit
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Annual percentage rate (APR)
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Cost of credit expressed as a yearly percentage.
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Closed-end credit
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Loan for a specific amount that must be repaid in full
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Service credit
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Agreement to have service performed now and pay later.
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Loan sharks
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Unlicensed lenders who charge illegaly high interest rates.
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Usury laws
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Law that sets maximum interest rates that may be charged for loans.
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Pawnbroker
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Legal business that makes high-interest loans based on the value of an item
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