Term
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Definition
| An arrangement through which you may receive cash, goods, or services now and pay for them in the future. |
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Definition
| Cost of using someone else's money. |
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Definition
| The party who sells the goods on credit or lends the money. |
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Definition
| The party who buys the goods on credit, or borrows the money. |
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Term
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Definition
| Credit that can be increased by debtor by continuing to purchase goods or services on credit, up to a certain limit. |
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Term
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Definition
| The maximum amount of money given to you. |
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Term
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Definition
| Credit given for a specified amount of money and cannot be increased by making additional purchases. |
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Term
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Definition
| When creditors obtain an interest in something of value. |
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Term
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Definition
| Something of value that you use to obtain a secure loan. |
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Term
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Definition
| The interest that is given to creditors. |
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Term
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Definition
| The lender or seller who holds the security interest. |
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Term
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Definition
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Term
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Definition
| A new kind of card with a computer chip that can store large amounts of data. |
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Term
| Equal Credit Opportunity Act |
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Definition
| Ensures that both businesses and consumers are given an equal chance to obtain credit. |
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Term
| Fair Credit Reporting Act |
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Definition
| Prohibits the abuse of a valuable consumer asset-credit. |
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Term
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Definition
| Allows consumers to contest charges on their credit cards within a stated time frame. |
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Term
| Fair Debt Collection Practices Act |
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Definition
| Asserts that it is illegal for debt collectors to threaten consumers with violence, use obscene language, or contact consumers by telephone at inconvenient times or places. Debt collectors also are not allowed to impersonate government officials or attorneys, obtain information under false pretenses, or collect more than is legally owed. |
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Term
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Definition
| The illegal process by which the debtor can make a fresh start through the sale of assets to pay off creditors. |
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Term
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Definition
| One who receives more than one-half of his or her total income from the farm. |
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Term
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Definition
| Debtors filing bankruptcy can keep a maximum of $16,150 in equity in a personal residence. |
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