Debt Terms

Front

What is an annual fee?

Back

A yearly fee charged by the credit card company for the convenience of the credit card.

Front

What does APR stand for?

Back

Annual Percentage Rate

Front

Who is a consumer?

Back

A person or organization that uses a product or service.

Front

What is credit?

Back

The granting of a loan and the creation of debt

Front

What is a credit card?

Back

A type of card issued by a bank that allows users to finance a purchase.

Front

What is a credit report?

Back

A detailed report of an individual's credit history.

Front

What does a credit score measure?

Back

An individual's credit risk

Front

What is debt?

Back

An obligation of repayment owed by one party to another

Front

What is the debt snowball method?

Back

A method of debt repayment that organizes debts from smallest to largest

Front

What is depreciation?

Back

A decrease or loss in value.