| A | B |
|---|
| identity theft | illegal use of personal information |
| social security number | 9-digit number used by the govt for social security |
| secure site | a site that encrypts your personal info |
| encrypt | make secret |
| reputatble company | a company with a good reputation |
| cookies | traces left by your computer to "remember" info about you |
| online profiling | companies predict and collect info about your buying habits |
| cyber stalking | use internet to spread false info about you or harass you |
| credit | supplying money, goods, or services in exchange for future payment |
| creditor | person or company who lends you money |
| principal | original amount borrowed |
| secured credit | borrower offers something of value to promise repayment of a loan |
| collateral | property pledged to get a loan |
| closed-end credit | one-time extention of credit for a specific amout and time period |
| installment | a set amount of a loan to be repaid each month in a payment schedule |
| finance charge | interest and fees for a loan |
| merchandise | things that can be bought |
| opportunity cost | what you gave up in order to get something else |
| drawback | negative effect |
| security | safety |
| impulse buying | buying without thinking or cost-comparing |
| overspending | spending more than you can afford |
| reclaimed merchandise | the loan company takes back the item you didn't finish paying for |
| the 3-C's of extending credit | character, capacity, capital (assets) |
| credit history | pattern of past use of credit |
| credit bureau | collects information and evaluates the credit-worthiness of a consumer |
| credit rating or credit score | numerical rating of credit worthiness |
| cosigner | person who guarantees someone else's loan |
| APR | Annual rate of interest charged for using credit |
| grace period | period when the credit balance may be paid in full without penalty |
| credit limit | maximum amount of credit a particular person can get |
| Truth in Lending Act | act which requires lenders to clearly label and detail terms of an agreement |
| delinquent | overdue, not paid |
| in default | failure to filfill the terms of the loan and warning of agressive actions to come |
| repossession | taking back by the creditor of the item you bought on credit or of a service like electriciy or phone |
| collection agency | a business that collects unpaid debts for other businesses |
| debt consolidation | combination of all existing debt into a new loan with manageable payments |
| bankruptcy | legal relief from repaying certain debts |
