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Definition
| An amount of money, or something of value, that is loaned on trust and with the expectation that it will be repaid at a later date |
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| The amount of money someone is willing to loan you. Also the amount that is still owned on a loan |
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| 1. Payment for the use of money 2. A charge for a loan, usually calculated as a percentage of the principal |
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| An amount that credit card companies can change for the use of a credit card |
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| This is the maximum amount of credit a lender will extend to a customer |
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| Usually seen on a credit card statements to represent the actual dollar cost of using credit to maintain a balance |
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| A charge for setting up a loan that is typically associated with home loans |
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| The length of time you have to pay off a loan |
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| On a credit card, the length of time you have before you start accumulating interest on an unpaid balance |
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| A fee on credit cards for making charges above your credit limit |
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Definition
| A penalty on all types of credit for making a payment after its due date |
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| A clause included in many credit card company agreements that allows a credit card company to increase your interest rate if you make just one late payment |
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Definition
| The entire amount of money you owe to lenders |
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| A detailed record of your personal credit an financial transaction |
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Definition
| A record of how you have repaid your credit obligations |
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Definition
| A rating used by credit reporting companies to help lenders decide whether and/or how much credit can be extended to a borrower |
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Definition
| A legal process to get out of debt when you can no longer make all of your required payments |
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Term
| Annual Percentage Rate (APR) |
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Definition
| tells you the cost of the loan per year as a percentage of the amoung borrowed |
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