Individual Finance– Glossary. Assets– An asset is something that is owned by someone.

Individual Finance– Glossary. Assets– An asset is something that is owned by someone.

3 C’s– utilized by creditors to measure the credit-worthiness of potential prospects, the 3 C’s are: capability, character, and money

Annual fee– The yearly account charge, if any, to possess credit cards

APR– Annual Percentage Rate- the price of credit for starters expressed as a percentage year

Capital– Wealth open to create more wide range; assets of the business or person after liabilities are deducted

Closed-end credit– A contract for the loan of a specified quantity when the agreement released informs the quantity of purchase, the total finance cost, together with quantity of each re re re payment

Collateral– Savings, bonds, insurance plan, precious jewelry, home or any other product this is certainly pledged to cover a loan off or any other financial obligation if re payments aren’t made based on the agreement; also known as protection

Co-signer– an individual aside from the borrower whom assumes responsibility that is equal a loan or rent

Credit bureau– A for-profit business this is certainly in the commercial of accumulating, keeping, and credit information that is distributing

Credit line– An arrangement by which a vendor or bank expands a specified amount of unsecured credit to a specified debtor for the specified time frame

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