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12 Cards in this Set
- Front
- Back
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Credit
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Money borrowed to buy something now, with agreement to pay for it later.
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Capital
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Property you possess 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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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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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 later.
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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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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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