Able to buy needed items now, Don't have to carry cash, Creates a record of purchases, More convenient than writing checks, Consolidates bills into one payment. Annual Percentage Rate (APR) annual rate charged for borrowing Bankruptcy legal process available for am individual who is overextended...
Credit Card A plastic card used to make multiple purchases now and pay for them later. Payment terms are flexible. Considered one of the most expensive types of credit. Type of open ended credit. Grace Period A time period during which no finance charges will be added to your account. Usu...
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a service whereby purchases are not billed to the customer until much later Grace period a timeframe within which you may pay your current balance in full with no interest charges Installment loan Loaned a lump sum, and repay the same amount every period (principal and interest change) follows...