Term
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Definition
| supplying of money, goods, or services at present in exchange for the promise of future payment. |
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| the business or organization that extends the credit. |
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| the original amount borrowed. |
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| backed by a pledge of property. |
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Definition
| property that is pledged to guarantee repayment. |
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Term
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Definition
| one-time extension of credit for a specific amound and time period. |
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Term
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Definition
| referred to as a line of credit- can be used repeatedly. |
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Definition
| set portion of the loan amount that the borrower must pay at regularly scheduled intervals. |
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Definition
| the total cost of using credit, including interest and any fees. |
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Term
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Definition
| pattern of past behavior in regard to repaying debt. |
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Term
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Definition
| credit reporting agency, a firm that collects information about the creditworthiness of consumers. |
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Term
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Definition
| record of particular consumer's transactions and payment patterns. |
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Definition
| evaluation of a consumer's credit history. |
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Definition
| numerical rating, based on credit report information, that represents a person's level of creditworthiness. |
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Definition
| person with a strong established credit history who signs the credit application and contract along with the borrower. |
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Term
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Definition
| annual percentage rate, annual rate of interest that is charged for using credit. |
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Term
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Definition
| period of time during which the balance may be paid in full to avoid finance charges. |
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Term
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Definition
| the maximum amound of credit that the creditor will extend to the borrower. |
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Term
| consumer finance companies |
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Definition
| businesses that specialize in making small or personal loans. |
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Term
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Definition
| unlicensed lenders who operate illegally and charge excessive interest. |
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Term
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Definition
| portion of the purchase price paid by cash or check at the time of purchase, reducing the amount borrowed. |
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Term
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Definition
| final payment that is much larger than the other installments. |
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Definition
| gives the seller the right to declare the whole balance due if the buyer misses even one installment payment. |
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Term
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Definition
| allows additonal purchases to be added to an installment contract, with earlier purchases used as security for later ones. |
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Term
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Definition
| provided by the truth in lending act; plediging your home as securty for a loan or other credit transaction, you have the right to cancel the loan within three business days. |
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Term
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Definition
| the creditor may simply send notices of your overdue. |
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Term
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Definition
| failure to fulfill the obligations of the loan, and a warning that the creditor is taking more aggressive actions toward collecting the debt. |
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Term
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Definition
| taking away property due to failure to make loan or credit payments |
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Definition
| a business that collects unpaid debts for others. |
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Definition
| a claim upon property to satisfy a debt. |
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| the legal withholding of a specified sum from a person's wages in order to collect a debt. |
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| guidance provided by trained people who help consumers learn to live within their means. |
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Term
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Definition
| combines all existing debt into a new loan with a more manageable payment schedule. |
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Definition
| legal relief from repaying certain debts. |
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