Review Vocab |
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| Credit: The opportunity to obtain money, goods, or services now in exchange for a promise to pay in the future | |
| Creditor: The one who lends the money or provides the credit | |
| Debtor: The one who borrows the money or uses the credit | |
| Consumer Credit: Credit that is used for personal reasons | |
| Commercial Credit: Credit that is obtained for business purposes | |
| Credit Rating: The measure of a person's ability and willingness to pay | |
| Charge account: A type of short-term credit that allows a person to make a purchases up to a certain amount in a store | |
| Installment Payments: A regular payment on a loan or on a large purchase spread out over a period of time | |
| Big-Ticket items: A costly item, such as a large home appliance or car, that is often bought on credit | |
| Credit Limit: The maximum amount of purchases a person can charge at any given time | |