Term
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Definition
| an arrangement through which you may receive cash, goods, or services now and pay for them in the future. |
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Definition
| cost of using someone else's money. |
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Definition
| the party who sells the goods on credit or lends the money. |
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Definition
| the party who buys the goods on credit or borrows the money. |
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Term
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Definition
| credit that can be increased by the debtor by continuing to purchase goods or services on credit, up to a certain limit. |
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Term
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Definition
| maximum amount of money made available to you. |
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Term
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Definition
| credit given for a specific amount of money and cannot be increased by making additional purchases. |
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Term
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Definition
| Loan in which creditors obtain an interest in something of value from which they can secure payment if the debtor does not pay. |
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Term
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Definition
| something of value that you obtain a secured loan. The creditor obtains an interest in this item and can secure payment with it if you do not pay the loan. |
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Term
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Definition
| interest that is given to creditors. |
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Term
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Definition
| the lender or seller who holds the security interest. |
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Term
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Definition
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Term
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Definition
| new kind of card with a computer chip that can store a large amount of data. |
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Term
| Equal Credit Opportunity Act |
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Definition
| ensures that both businesses and consumers are given an equal chance to obtain credit. |
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Term
| Fair Credit Reporting Act |
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Definition
| prohibits the abuse of a valuable consumer asset-credit. |
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Term
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Definition
| Allows consumers to contest charges on their credit card within a stated time frame. |
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Term
| Fair Debt Collection Practices Act |
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Definition
| it is illegal for debt collecters to threaten consumers with violence, language or by telephone at inconvenient times or places. |
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