Ian Cole
Chapter 26 Vocabulary
1)Credit Beareu-An agency that collects information about you or other credit consumer.
2) Credit Limit-The maximum amount you can spend or charge on a credit card.
3) Cosigner-Someone who signs a piece of paper for you to get a credit card.
4) Down Payment- Portion of the total cost that must be paid up-front.
5) Principal-Amount of money you still owe based on interest
6) Secured Loan-When a loan is backed up by collateral
7) Unsecured Loan-A loan not backed by collateral
APR-Percentage rate determines the amount of credit you get on a yearly basis
9)Finance Charge-Total amount of money it costs you to finance a loan
10)Variable Rate-The rate that changes as interest rates in the bank change.
11)Cash Advance- Money you can borrow on a credit card.
11)Grace Period- Amount of time you have to pay off a debt that came from interest charges.
12)Repossess- government taking back your property.
13)Garnishmen
Julie
Mark
I see a list of 13 terms commonly used in the business of credit contracts. I think your list got cut off. What is your question?