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14 Cards in this Set
- Front
- Back
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capital |
The value of property you possess |
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collateral |
Property pledged to assure repayment of a loan |
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credit |
The use of someone else's money, borrowed now with the agreement to pay it back later |
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creditor |
A person or business that loans money to others |
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debtor |
A person who borrows money |
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deferred billing |
A service whereby purchases are not billed to the customer until much later |
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finance charge |
The total dollar amount of interest and fees you pay for the use of credit |
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line of credit |
A preestablished amount that can be borrowed on demand with no collateral |
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annual percentage rate (APR) |
The cost of credit expressed as a yearly percentage |
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finance company |
An organization that makes high-risk consumer loans |
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grace period |
A timeframe within which you may pay your balance in full and incur no interest charges |
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pawnbroker |
A legal business that makes high-interest loans based on the value of personal possessions pledged as collateral |
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service credit |
The providing of a service for which you will pay later |
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usury law |
State law that sets a maximum interest rate that may be charged for consumer loans |
