Money Management

DEFINITION: ability of a person or a business to borrow money from a lender with intent, or promise, to pay the money back

DEFINITION: credit is a privilege and it’s granted only to those people who have demonstrated their ability to manage their money overtime

DEFINITION: the fee most lenders charge for lending money

DEFINITION: fee assessed to your account if you do not muse your monthly payment in time

DEFINITION: when an individual misses a payment on his credit card or makes a late payment it is reflected negatively on his credit rating. You can be charged a late fee and/or a higher interest

DEFINITION: initial payment required on a credit purchase

DEFINITION: annual percentage rate assessed on loans

DEFINITION: contact with interest and years

DEFINITION: person who signs a loan for you, if you don’t make payment, they’re responsible to make the payments

DEFINITION: a measurement of risk a credit o takes when lending money