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

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

3. 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.