Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
19 Cards in this Set
- Front
- Back
Cost of Credit
|
Most important factor is the risk a creditor takes
|
|
Entertainment Cards
|
Include Dinner Clubs, Carte Blanche, and America Express
|
|
Mortgage
|
A 15-30 year installment loan usually for a house
|
|
Short-term loan
|
This type of loan is usually for one year or less
|
|
Commercial Credit
|
Used by firms to buy goods, pay salaries, buy property
|
|
Single-Purpose Card
|
Card that can only be used at the business issuing it
|
|
Installment Loans
|
Loans repaid in regular payments over a period of time
|
|
Credit Rating
|
Includes things like your income, current debt, and debt history which measure your ability to repay a loan
|
|
Interest
|
The fee creditors charge for using their money
|
|
Creditor
|
Lends money or provides credit
|
|
Consumer Finance Co.
|
Have higher finance charges than some places since they loan money to people who cannot get credit elsewhere
|
|
Consumer Credit
|
Type of credit used for people for personal reasons
|
|
Credit Union Loan
|
Offered to people in certain field--like teachers
|
|
Debtor
|
The one who borrows money or uses credit
|
|
Charge Accounts
|
Short-term/medium-term credit offered by stores/dealers
|
|
Pawnshop
|
Loan provided in exchange for an item
|
|
Collateral
|
This is required for a mortgage loan
|
|
Payday Loan
|
Not permitted in some states, it is made without a credit check
|
|
Revolving Credit
|
Charge account that allows you to charge "up to" a certain amount and pay back a part of what you owe each month
|