Intro to Business Chapter 26

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Intro to business

Credit Bureau

An agency that collects information about you and other credit consumers.

Credit Limit

The maximum amount a person can spend or charge on a credit account.

Cosigner

A person who signs a loan for someone else and is responsible for repaying the loan if the borrower doesn't repay it.

Down Payment

A portion of the total cost of an item that is paid at the time the item is purchased

Finance Charge

The total amount it costs to finance a loan, including interest and fees, stated in dollars and cents.

Principal

The actual amount of money owed or deposited in an account, upon which interest is based.

Annual Percentage rate (APR)

The rate at which interest is charged for credit on a yearly basis.

Secured Loan

A loan that is backed up by collateral.

Grace Period

An amount of time to pay off a debt without having to pay interest on it.

Unsecured Loan

A loan that is not backed up by collateral

Repossess

To take back collateral put up for a loan, such as a car, if the loan is not paid back.

Garnishment of Wages

A creditor's legal right to take all or part of a debtor's paycheck for an unpaid dept.

Variable Rate

Interest rate on a loan that changes as interest rates in the banking system change.

Cash Advance

Using credit card to borrow money rather than to charge a purchase.

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