Unit 4 Credit Review

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On a credit card, the length of time you have before you start accumulating interest on an unpaid balance

This is usually seen on credit card statements to represent the actual dollar cost of using credit to maintain a balance.

A legal process to get out of debt when you can no longer make all your required payments

The amount of money someone is willing to loan you; the amount that is still owed on the loan.

An amount that credit card companies can charge for the use of a credit card.

A detailed record of your personal credit and financial transactions

A rating used by credit reporting agencies to help lenders decide whether and how much credit can be extended to a borrower

Amount of money, or something of value, that is loaned on trust and with the expectation that it will be repaid at a later date.