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Definition
| A yearly fee that's charged by the credit card company for the convenience of the credit card. |
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| Cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan. |
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| Type of card issued by a bank that allows users to finance purchase. |
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| A detailed report of an individual's credit history. |
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| A measure of an individual's credit risk; calculated from credit report using a standardized formula. |
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| Preferred method of debt repayment; includes a list of all debts organized from smallest to largest balance; minimum payments are made to all except for the smallest, which is attacked with the largest possible payments. |
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| A decrease or loss in value. |
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| An interest rate charged to a customer during the early stages of a loan; the rate often goes up after a specified period of time. |
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| Time frame that a loan agreement is in force, and before or at the end of which the loan should either be repaid or renegotiated for another term. |
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| An expense, such as a charitable contribution, that can be deducted from one's taxable income. |
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| Making a purchase now and paying for them later (also known as borrowing). |
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| Any bank or business that extends credit to others; a lender. |
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| Anyone who owes money; a borrower. |
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| A fee for borrowing money, added to a monthly credit card bill. |
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Definition
| The fee, expressed as a percentage, a borrower owes for the use of creditor's money. At an interest rate of 10%, a borrower would pay $110 for $100 borrowed. |
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Definition
| Additional fees that can be added to a credit card bill if the card holder fails to make at least the minimum payment by the due date. |
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Definition
| The smallest required payment that a credit card holder can pay on a monthly bill and still remain in good standing with the leader. |
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Term
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Definition
| The amount of money borrowed. On a credit card bill, the principal is the purchase price of all items bought with the card. |
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