Term
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Definition
| Arrangment through which a person may receive cash, goods, or services immediately, and pay for them in the future. |
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Definition
| The fee a borrower pays to the lender for using the money. |
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Definition
| Party who sells the goods or lends the money. |
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Definition
| Party who buys on credit or borrows money. |
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Term
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Definition
| can be increased by the 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
| Maximum amount of money made available to the buyer. |
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Term
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Definition
| credit the is given for a specific amount of money and that cannot be increased by making additional purchases. |
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Term
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Definition
| loan in which creditors abtain an intrest in something of value from which they can secure paymeny if the debtor does not pay. |
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Term
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Definition
| Something of value you use to obtain a secured loan. |
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Term
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Definition
| intrest that is given to creditors |
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Term
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Definition
| the lender or seller who holds the security intrest. |
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Term
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Definition
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Term
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Definition
| data card with a computer chip that can store a large amount of data. |
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Term
| equal credit oppertunity act |
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Definition
| Ensure 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. this act deals with unfavorable reports issued by credit bureaus. |
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Term
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Definition
| allows consumers to contest charges on their credit cards within a stated time fame. |
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Term
| fair debt collection practices act |
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Definition
| it is illegal for debt collectors to threaten consumers with violence, use obscene language, or contact consumers by telephone at inconvenient times or places. |
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