Economics: Credit Basics vocabulary (712)

The process of charging interest on the amount of interest still owed.

The total cost of credit.

The interest charged on borrowing that's calculated using the original principal amount only.

A period of time after you buy something on credit.

A payment that is 30 days or more past due.

A payment that is past due.

A number that predicts how likely someone is to repay a debt on time.

The percentage of interest you are charged for every year you owe money.

An automated repository of a debtor's payment history and repayment patterns. (Experian, Equifax, and TransUnion)

A lower rate of interest offered by some credit card companies.