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13 Cards in this Set
- Front
- Back
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Credit .
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Is money borrowed to buy something now, with the agreement to pay for it later.
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Capital .
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A prpoerty 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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which is a pre-established amount that can be borrowed on demand with no collateral .
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Deffered billing .
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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 a stated limit and 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 percentge .
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Closed-end Credit .
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Is a loan for a specefic amount tht must be repaid, in full, including all finance charges, by a stated due date .
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Service Credit .
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Which is an agreement to have a service performed now and pay for it later .
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Loan Sharks .
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Unlicenses lenders who charge illegally high interest rates .
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Usuray 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 the vaule of personal possesions pledged as collateral .
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