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Argylls 8 klc

TermDefinition
credit when you borrow money or charge an item to a credit card
consumer credit the use of credit for personal needs
creditor an entity that lends money
closed-end credit credit as a one-time loan that you will pay back over a specified period of time in payments of equal amounts
open-end credit credit as a loan with a certain limit on the amount of money you can borrow for a variety of goods and services
line of credit the maximum amount of money a creditor will allow a credit user to borrow
grace period a time period during which no finance charges will be added to your account
finance charge the total dollar amount you pay to use credit
net income the income you receive (take-home pay, allowance, gifts, and interest)
annual percentage rate (APR) the cost of credit on a yearly basis, expressed as a percentage
collateral a form of security to help guarantee that the creditor will be repaid
simple interest the interest computed only on the principal, the amount that you borrow
minimum monthly payment the smallest amount you can pay and remain a borrower in good standing
credit rating a measure of a person's ability and willingness to make credit payments on time
cosigning a loan means that you agree to be responsible for the loan payments if the other person fails to make them
bankruptcy a legal process in which some or all of the assets of a debtor are distributed among the creditors because the debtor is unable to pay his or her debts
finance give or get money for
title a document showing ownership
portion part of the total cost of an item that is required at the time of purchase
plegded items you promised to give up if you couldn't pay the loan
imposters people who deceive others by assuming different identities, use your name, Social Security number, credit card number, or any other personal information for their own purposes
confidential private
Created by: Klcopeland
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