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10 Cards in this Set
- Front
- Back
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Credit
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An agreement to obtain money, goods, or services now in exchange for a promise to pay in the future
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Creditor
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Lends money or provides credit
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Debtor
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Borrows money or uses credit
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Interest
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The fee that creditor's charge for using their money
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Consumer Credit
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The type of credit used by people for personal reasons
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Commercial Credit
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Credit used by businesses
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credit Rating
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A measure of a person's ability and willingness to pay debts on time
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Charge account
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Credit provided by a store or company for customers to buy its products
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Installment Loans
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Loans repaid in regular payments over a period of time
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Collateral
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Something of value the bank can take if a borrower does not make the required loan payments
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