Vocabulary:
Credit: Allows the immediate use of products or services in exchange for a promise pay in the future
Annual Percentage Rate (APR): The cost of a loan over a full year, expressed as a percentage
Credit Rating: A rating based on how promptly a person pays his/her debts
Interest: Cost of credit
Collateral: Security on a loan
Cosigner: Second signer who will pay for the loan if the first party defaults
Default: Failure to repay the loan
Bankruptcy: Legally getting out of having to repay debts; destroy credit rating for seven years; admitting and accepting financial failure
Sales Credit: Sales credit is credit you receive when you make a purchase now and promise to pay later
Credit Before: Your credit rating is based upon hot promptly you have pa your debts,
No Credit Record: Other factors will be considered: Employment, your student or job status, your assets (Savings account, Car, etc.)
Credit: Allows the immediate use of products or services in exchange for a promise pay in the future
Annual Percentage Rate (APR): The cost of a loan over a full year, expressed as a percentage
Credit Rating: A rating based on how promptly a person pays his/her debts
Interest: Cost of credit
Collateral: Security on a loan
Cosigner: Second signer who will pay for the loan if the first party defaults
Default: Failure to repay the loan
Bankruptcy: Legally getting out of having to repay debts; destroy credit rating for seven years; admitting and accepting financial failure
Sales Credit: Sales credit is credit you receive when you make a purchase now and promise to pay later
Credit Before: Your credit rating is based upon hot promptly you have pa your debts,
No Credit Record: Other factors will be considered: Employment, your student or job status, your assets (Savings account, Car, etc.)
Other Information For Credit: https://www.consumer.ftc.gov/articles/0205-using-credit-card
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