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13 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 possess (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 ledged to assure repaymant of a loan
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Finance Charge
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the total dollar amount of al 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 demansd with no collateral
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Deferred Blling
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a service available to charge customers 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 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 APR
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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 specfic 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 tohave a service performes now and pay it later
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loan sharks
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unlicensed lenders who charge illegally high interest rates
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usury laws
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set maximum interest rates that may be charged for loans
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pawnbroker
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a legal business that makes high-interest loans based on value of personal possessions pledged as collateral
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