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25 Cards in this Set

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The privilege of using someone else's money for period of time in order to purchase goods and services in exchange for a fee, interest, and a promise to pay it back at a later date.
Credit
Anyone who buys on credit or receives a loan.
Debtor
The one who sells on credit or makes a loan.
Creditor
A person's reputation for paying debts on time.
Credit-Rating
A loan of money from some financial institution for some special purchase in exchange for a promise to pay it back at a later date.
Loan Credit
A loan used to acquire goods and services for immediate use and pay for them at a later time
Sales Credit
Credit issued by a business when it receives goods from a wholesaler and pays for them at a later specified date.
Trade Credit
Businesses or individuals from whom you have received credit in the past and can help verify your credit record.
Credit References
A consumer's honesty and willingness to pay a debt when it is due.
Character
Your ability to pay a debt when it is due.
Capacity
The value of a borrowers possessions.
Capital
A type of credit used primarily for large, expensive purchases and repaid in a series of fixed payments called installments over a period of time .
Installment Sales credit or loan.
The date on which a loan must be repaid.
Maturity Date
The percentage cost of credit on a yearyly basis.
Annual Percentage Interest (APR)
A payment of part of the total purchase price.
Down Payment
Property that is used as security for a loan.
Collateral
A loan on which you have pledged collateral.
Secured Loan
A person who is responsible for paying the loan if you do not.
Co-Signer
Insurance that repays the loan if the borrower dies, becomes disabled, or is out of work for an extended period of time.
Credit Insurance
A charge account in which the provider expects payment in full within a specified period of time.
Regular Charge Account
The time between the billing date and due date when no interest is charged.
Grace Period
A credit plan offered by utilities and other businesses to offer credit to its customers that requires payments of a fixed amount made over a fixed time period.
Budget Charge accounts/plan
The maximum amount that can be bought on credit.
Credit Limit
The additional amount you must pay for using the credit.
Finance Charge
The report that shows the debt you owe, how often you use credit, and whether you pay your debts on time.
Credit Report