Credit

A tool used to buy something now and pay for it later

• Debit Card
• Checks
• Credit
• Bankruptcy

The amount you pay to use someone else's money. It is also the amount of money you earn when allowing others to use your money.

• Interest
• Late Payment Fee
• Line of Credit
• Minimum Payment

The original amount of money borrowed

• Principal
• Credit History
• Annual Percentage Rate (APR)
• Interest

Type of credit that allows you to use funds when needed without going over a credit limit.  Every month you are billed for what you owe.

• Installment credit
• Revolving credit
• Cash loans
• Service credit

Type of credit where you are loaned a specific amount of money and make regular payments to repay over time by a set date.

• Service credit
• Installment credit
• Cash loan
• Revolving credit

Type of credit that allows you to borrow a specific amount of cash to repay later by a set date.  The interest for this type of credit is very high!

• Service credit
• Cash loan
• Revolving credit
• Installment credit

A type of credit that allows you to use services and pay for them later.

• Service Credit
• Credit Limit
• Bad Credit
• Late Payment Fee

A measurement used to compare different credit options.  It includes the interest rate and any fees to illustrate the total cost of credit expressed as a yearly rate. 

• Annual Percentage Rate (APR)
• Bad Credit
• Charge Card
• Co-signer

The maximum  amount the lender is willing to make available to the borrower 

• Credit Limit
• Good Credit
• Grace Period
• Inflation

A period of time during which you are not charged interest on new purchases (if you have no outstanding balance).

• Holding time
• Inflation
• Installment Loan
• Grace Period