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Term
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| making purchases now and paying for them later (also known as borrowing) |
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| a plastic card used to make purchases now and pay for them later |
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| any bank or business that extends credit to others; a lender |
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| anyone who owes money; a borrower |
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| the fee, expressed as a percentage, a borrower owes for the use of a creditor's money. |
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| a temporary interest rate, advertised as a low APR to entice customers to apply for a credit card. After the introductory period, the interest rate will increase to the regular APR. |
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| additional fees that can be added to a credit card bill if the card holder fails to make at least the minimum payment by due date. |
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| the smallest required payment that a credit card holder can pay on a monthly bill and still remain in good standing with the lender. |
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| the amount of money borrowed. |
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| when a debtor's assets are sold to settle unpaid debts & the debtor is no longer responsible for further debt beyond what was recovered. |
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| a summary of a person's borrowing and repayment history. |
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| a report on a person's creditworthiness that includes identifying information, credit cards, late payments, bankruptcies, and saving balances. |
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| Fair Credit Reporting Act |
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| federal law giving consumers the right to view and correct their credit information |
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| Credit score from 300-850 that rates how likely a person is to fall 90 days behind in payment. |
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| when a bank takes back a property and auctions is off to recover the unpaid loan amount. |
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| loan with equal number of payments of the same amount over a fixed period of time |
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| a promise to reclaim an item bought with loaned money if the loan is not repaid |
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Definition
| length of time you have to make a payment before you start accumulating interest |
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| you are charged this when you spend over your set credit limit |
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