Transcript Word Wall Words

Word Wall Words
Personal Finance
Chapter 11
Consumer Credit
Chapter 11 Consumer Credit Personal
Finance
 credit
 APR
 creditor
 credit
 finance
 down
charge
 credit score
 co signer
payment
 delinquent
 garnishment
limit
Definitions
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credit-The supplying of money, goods, or services at present in exchange for the
promise of future payment.
creditor- The business or organization that extends the credit.
finance charge- The total cost of using credit, including interest and any fees.
credit score- A numerical rating, based on credit report information, that
represents a person’s level of creditworthiness.
cosigner- A person with a strong established credit history who signs the credit
application and contract along with the borrower.
APR- (Annual percentage rating)- The annual rate of interest that is charged for
using credit.
credit limit- The maximum amount of credit that the creditor will extend to the
borrower.
down payment-A portion of the purchase price paid by cash or check at the time
of purchase, reducing the amount borrowed.
delinquent- Overdue.
garnishment- The legal withholding of a specified sum from a person’s wages in
order to collect a debt.