Credit Vocabulary

Set limit on the amount you can charge

Fee charged for violating the term of the credit agreement

Total dollar amount of all interest and fees paid for the use of credit

Process of dividing up debit obligation, plus interest, into equal monthly payments over a set period of time

Cash deposit toward the purchase price

Paying off an old loan by taking out a new loan

Fees involved in arranging for a mortgage or in transferring ownership of property.

Program in which a borrower's loans are paid off in exchange for paid work under conditions set by the institution that sponsored the loan

Large lump-sum payment that must be paid at a set time

Fee charged if you repay a loan before the agreed-upon time