| A | B |
|---|
| Consumer Credit | Credit used by people for personal reasons |
| Commercical Credit | Credit used by businesses. |
| Regular Charge Accounts | Require that you pay for purchases in full within a certain period of time. |
| Revolving Charge Accounts | Allows you to borrow or charge up to a certain amount of money (credit limit) and pay back a part or the entire balance each month. |
| Budget Charge Accounts | Allows you to borrow or charge up to a certain amount of money (credit limit) and pay back a part or the entire balance each month. |
| Single Purpose Credit Card | Can only be used to buy goods or services at the business that issued the card. |
| Multipurpose Credit Card | May be used at several locations. |
| TE Credit Card | Must be paid in full each month |
| Single Payment Loan | Debtor pays off loan in one payment. |
| Installment Loan | Repaid in regular payments. |
| Pawnshop | Based on the value of something you own |
| Bonds | written promise to repay a loan with interest on a specific date. The buyer of the bond is considered the creditor. |
| Life Insurance | A plan that allows consumers to periodically borrow against |
| Retirements Plan | A plan that allows consumers to periodically borrow against their 401K |
| Credit | Privilege of using someone else’s money for a period of time. |
| Creditor | One who sells on credit or makes a loan. |
| Debtor | Anyone who buys on credit or receives a loan. |
| Convenience | Shop without carrying cash. |
| Immediate Possession | Allows you to have possession on the goods or services now |
| Emergencies | Helps in case of a serious situation. |
| Overbuying | Buying too much |
| Careless Buying | Comparison shopping may not be a priority |
| Overuse | Too much is owed and you are unable to pay back. |
| Credit Fees | Interest paid on balance |
| Garnishment of Wages | Money deducted from wages for money owed |
| Repossesion | Loss of property because of failure to repay loan |
| Promissionary Note | Promise to repay with interest |
