Deck 3 Flashcards
loan
the money borrowed from someone with a promise that the money will be paid back in the future
types of loan/credit
credit services, credit cards, auto loans, student loans, and home loans (mortgages)
mortgage
a type of loan used to buy a house
cash
money in the form of bills and coins
debt
the amount of money a person or business owes
tax
the money you contribute to the government to help pay for government projects and public services
statement
a report that shows how you used credit for the past month
overspending
using more money than you should
credit report
a summary of the person’s credit history, usually used to evaluate a person’s credit standing
bankruptcy
a situation in which a person or business is legally declared as not able to pay back debts
forgiving
cancelling all or some of the debt
Top 4 credit card processors
- Visa
- Mastercard
- American Express
- Discover
store credit card
a credit card given by big stores;
it can only be used for purchases in that store
Rebate
returning a part of the payment you made
cash advance
borrowing money in the form of cash from a credit card company;
the interest rate of this money would be really high.
