counting on credit

interest charged on the outstanding balance of a credit account

financial charges

legislation passed in 2009 to ban unfair rate increases and ensure that credit terms are written in "plain language"

CARD act

amount of money charged on a yearly basis for the privilege of using certain kinds of credit.

annual percentage rate

credit issued by banks and enable holders to make purchases nationwide. small fee for the banks services.

bank credit card

short term credit often set up for 60 to 90 day periods with payments every 30 days, usually no interest is charged

budget credit account

financial cooperative that is set up to provide savings and credit services to its members, often within a business or labor union.

credit union

percentage figure used to calculate charges on loans

interest rates

type of credit account that allows users to buy at any time during a set period. at the end of the term, the user pays the entire amount.

regular credit account

credit account that limits the total amount of money that may be owed and charges interest on the outstanding balance

revolving credit account

source of credit that purchases borrowers contracts from sellers. the borrower then makes payments to that business.

sales finance companies

credit source that offers savings accounts and makes loans, usually for real estate.

saving and loan associations

credit cards that are frequently used by travelers. holders pay an annual fee.

travel and entertainment card