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33 Cards in this Set
- Front
- Back
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a bank, finance company, credit union, business, or individual to which money is owed
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creditor
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use of credit for personal needs
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consumer credit
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a periodic charge in exchange for the use of credit
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interest
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a type of credit where one receives a one-time loan that is paid back over a specified period of time and in = payments
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closed-end credit
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borrowing money for a variety of goods and services with a certain limit of the amt. of money one can borrow
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open-end credit
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maximum amt. of money the creditor has made available to a person
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line of credit
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a time period during which no finance charges are added to one's account
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grace period
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total dollar amt. you pay to use credit
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finance charge
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income you receive (take-home pay)
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net income
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how much credit costs you on a yearly basis, expressed as a percentage
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APR
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smallest amt. you can pay and remain in good standing
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minimum monthly payment
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interest computed ONLY on the principal
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simple interest
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the amount you borrow
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principal
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a measure of a person's ability and willingness to make credit payments on time
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credit rating
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you agree to be responsible for loan payments if the other party fails to make them
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co-signing
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a legal process in which some of all of the assets of a debtor are distributed amount creditors because the debtor is unable ot pay his/her debts.
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bankruptcy
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condition of being deeply in debt
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indebtedness
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a form of security to help guarantee that the creditor will be repaid
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collateral
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a bank, finance company, credit union, business, or individual to which money is owed
|
creditor
|
|
|
use of credit for personal needs
|
consumer credit
|
|
|
a periodic charge in exchange for the use of credit
|
interest
|
|
|
a type of credit where one receives a one-time loan that is paid back over a specified period of time and in = payments
|
closed-end credit
|
|
|
borrowing money for a variety of goods and services with a certain limit of the amt. of money one can borrow
|
open-end credit
|
|
|
maximum amt. of money the creditor has made available to a person
|
line of credit
|
|
|
a time period during which no finance charges are added to one's account
|
grace period
|
|
|
total dollar amt. you pay to use credit
|
finance charge
|
|
|
income you receive (take-home pay)
|
net income
|
|
|
how much credit costs you on a yearly basis, expressed as a percentage
|
APR
|
|
|
smallest amt. you can pay and remain in good standing
|
minimum monthly payment
|
|
|
interest computed ONLY on the principal
|
simple interest
|
|
|
the amount you borrow
|
principal
|
|
|
a measure of a person's ability and willingness to make credit payments on time
|
credit rating
|
|
|
you agree to be responsible for loan payments if the other party fails to make them
|
co-signing
|
