Consumer Credit

What is credit ?

• A card

• Money that is owed

• an arrangement to receive cash, goods, or services now and then pay for them in the future

• borrowing of money

What is APR

• How much credit costs you yearly as a percentage

• A form of a security deposit

• Maximum amount of credit

• Income yearly

What is consumer credit

• The total $ amount you pay to use credit

• One time loan

• Borrowing money

• The use of credit for personal needs

What is a creditor ?

• paying in the future after a purchase

• an entity to which money is is owned

• type of credit card

• someone that tells you how to build good credit

What is interest?

• the income you receive

• The total $ amount you pay to use credit

• a periodic charge in exchange for the use of credit

• the use of credit for personal needs

What is close ended credit ?

• One time loan you pay back over a period of time

• maximum amount of money you can pay

• credit maxed out

• a high credit score

What is opened ended credit?

• you borrow money for a variety of goods and services

• a one time loan

• income that you receive

• creditor getting payed

What is a grace period?

• use of credit for personal needs

• shows how much credit costs you on a yearly basis, expressed as a percentage.

• a time period during which no finance charges will be added to your account

• the amount that you borrow in a period of time

What is a finance charge ?

• shows how much credit charged

• period where you are charged daily

• the $ amount you pay to use credit

• The total dollar amount you pay to use credit

Net income

• Is income that you receive

• Income from having a good credit score

• the amount you borrow

• money you pay to the bank