| A | B |
|---|
| credit | is the privilege of using someone else's money for a period of time. |
| finance charge | is the total dollar cost of credit including interest and all other charges. |
| down payment | is a payment of part of purchase price. |
| installment loan | is one in which you agree to make monthly payments in specific amounts over a period of time |
| promissory note | is a written promise to repay based on a debtor's excellent credit history. |
| collateral | property that is used as security. |
| cosigner | of a note is responsible for payment of the note if you do not pay as promised. |
| credit rating | a person's reputation for paying bills on time. |
| intrest | is the ost of using someone else's money. |
| annual percentage rate | is a disclosure required by law. |
| credit appilcation | is a form on which you provide information needed by a lender to make a decision about granting credit. |
| credit bureau | is a company that gathers information on credits users. |
| statement of account | is a record of the transactions completed during the billing period. |
| credit counselor | discusses and suggests actions to take to reduce spending and eliminate credit difficulties |
| bankruptcy | is the legal process of reducing or eliminating an amount owed. |
