Personal Finance Chapter 11 Consumer Credit

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Presentation transcript:

Personal Finance Chapter 11 Consumer Credit Word Wall Words Personal Finance Chapter 11 Consumer Credit

Chapter 11 Consumer Credit Personal Finance creditor finance charge credit score co signer APR credit limit down payment delinquent garnishment

Definitions 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.