| A | B |
|---|
| agreement | an exchange of promises, jutual undertanding |
| applicant | a person who applies for credit |
| attachment | the act of seizing property or money by court order to satisfy a debt |
| bait and switch | a technique in advertising when the retailer advertises a product in an attractive way to bring customers in, only to tell the customer that another higher -priced item is better or the only one available |
| bank | a business establishment for holding money, making loans, and performing other money-related functions |
| bankruptcy | the inability of a debtor to pay his/her debts as they become due |
| bill | a written statement of money owed |
| breach | the failure of any party to meet a condition or term of a contract |
| co-applicant | a second person who apples for credit along with the applicant and is willing to share the responsiblity |
| co-signer | a joint signer of a note or contract |
| collateral | something of value to be placed in the legal control of the lender |
| contract | an agreement involving two or more parties who promise to do certain things |
| credit | ability to buy goods and services now in exchange for a promise to pay for them in the future |
| debtor | one who owes money to another; a person who borrows money on credit |
| default | a failure to perform a legal duty or to make a required payment |
| dependent | a person who is supported by another |
| employer | the business or organization for whom you work |
| garnishment | a legal process by which a creditor can have money taken from someone's wages in order to pay off a debt |
| impulse buying | buying something without planning for it |
| interest | money paid for the use of money |
| liability | an obligation under the law to perform some act or make payment |
| lien | a hold or claim on the property of another as security for some debt |
| loan shark | a person who loans money quickly at a very high interest rate, usually higher than the legal rate |
| merchant | a storekeeper, a seller of goods for profit |
| necessities | things that are necessary for all consumers |
| price | how much something costs |
| principal | the amount of money a debtor borrows or the amount of credit received |
| promise | an agreement that does not require anything in return |
| quality | the degree of excellence in a product or service |
| quantity | amount |
| rebate | a refund or reduction used to attract buyers |
| repossession | a lender's act of taking back the property of a debtor who has failed to repay a debt |
| reputation | the general opinion of something or someone |
| residence | the address at which you live |
| salary | how much money (income) you make |
| unpaid balance | the difference between the amount owed and the price |
| value | worth or importance; the amount of money an item would be worth if sold |
| warranty | a guarantee or promise made by a seller concerning the quality or performance of goods offered for sale |
