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Chapter 3 Vocab

Describes the situation when a borrower fails to make payments according to the schedule set up when the loan originated
The interest that is charged to a buyer when paying for a purchase or service over time
A type o credit card where the entire bill does not have to be paid in full each month; there is a minimum monthly payment and financial charge the month following any month in which the bill is not paid in full
NegAm; describes the situation in which the minimum payment in a credit card is less than the interest that is being charged, so the amount owed increases rather than decreases
A card that acts like an electronic check and is not a credit or charge card; with each payment, the amount is deducted from a checking account; purchases may not exceed the balance in the account
An involuntary from of wage assignment, often done by court order
An information box required on credit card statements to show how long it would take for the balance to be paid off if only the minimum payment each month and no extra charges were added to the account
Describes the action when interest builds up or adds to the principle
A predetermined amount of time set by the credit card company that is used for calculating a credit card bill
Organization or person who extends credit to debtors
The penalty charged for late payment in a credit transaction
The balance, or amount of money in an account, or amount borrowed
A score that summarizes the probability that a debtor will pay a debt and is reliable way that creditors judge creditworthiness
A debit is the amount charged to an account; a credit is payment made to reduce your debt; credits are identified by a negative (-) sign
A special type of credit card where the monthly bills for all purchases must be paid in full and there is no interest charged
Organization or person who uses credit
Federal application for federal student aid; a form on which a loan applicant must supply personal and financial data that will assist in the loan decision-making process
Accumulated interest that will be added to the loan when the repayment period begins
A payment made to reduce your debt; identified by a negative (-) sign
Annual percentage rate; the simple interest rate required to give the same amount of interest as calculated by the compound interest formula for a year
The difference between the maximum amount allowed and the actual amount owed on a credit card
A card that enlists its holder to make purchases and pay for them later
Describes a situation when no payment is required on a loan, such as a student loan while the student is in school and during a 6-month grace period after graduating