Term
|
Definition
| A plastic card that is issued by the bank, business, etc. to authorize the purchase goods and services in exchange for a future payment with interest, according to a specific schedule. |
|
|
Term
|
Definition
| A consumer line of credit that the consumer may be used up to a certain limit or paid down at any time |
|
|
Term
|
Definition
| Enacted to prevent abuses in consumer credit by requiring certain information to be disclosed to consumers and mandating uniformity in these disclosures |
|
|
Term
| Fair Credit Reporting Act |
|
Definition
| Regulates collection and use of consumer credit information, including credit card information |
|
|
Term
|
Definition
| An amendment to the Truth in Lending Act. This act protects the consumers from unfair billing procedures and provides consumers a way to address billing errors |
|
|
Term
| Equal Credit Opportunity Act |
|
Definition
| Prevents discrimination in lending |
|
|
Term
| What are the advantages of shopping at local stores? |
|
Definition
| 1. Better Prices 2. Better customer service 3. Better availability than online |
|
|
Term
| What are the advantages of shopping online? |
|
Definition
| 1. Larger Choice of merchandise 2. Access to merchandise if you live in a small area without access to national brands. 3. You do not have to drive anywhere |
|
|
