consumer credit
Debt for purchases
Consumer credit is money lent to individuals for personal use rather than business purposes.
It covers credit cards, auto loans, student loans, and other borrowing that lets people buy now and pay later.
Consumer credit expanded rapidly in the postwar years.
The term often appears in economic reporting as an indicator of spending confidence.
Creditworthiness rating system
- ExperianCredit reporting company
- EquifaxConsumer credit monitor
- TransUnionCredit reporting company
- creditworthinessAbility to repay debts
score range · payment history · hard inquiry · soft inquiry · dispute · fraud alert · identity theft
Unsecured individual borrowing
- installment planPeriodic payment arrangement
- unsecured loanDebt lacking pledged property
- auto loanCredit for vehicle purchase
- student loanBorrowed funds for tuition
buy now pay later · layaway · charge account · overdraft · cash advance · balance transfer · payday loan · home equity loan
Preset standard option
- delinquencyCriminal or neglectful behavior
- arrearsOverdue financial obligations
- bankruptcyLegal status when insolvent
- collectionGathered set of items
charge-off · past due · late payment · repossession · foreclosure · creditor · debtor · settlement
Yearly borrowing cost
- annual percentage rateYearly cost of borrowing
- finance chargeCost of borrowing money
- variable rateAmount that fluctuates
- fixed rateUnchanging interest percentage
prime rate · subprime · interest rate · usury · compounding · introductory rate · promotional rate · discount rate
Allowed delay before consequences
- billing cycleRecurring invoicing timeframe
- minimum paymentLowest acceptable installment amount
- due dateWhen payment is required
- amortizationGradual debt reduction schedule
principal · prepayment · late fee · annual fee · disclosure · fair lending
Economic spending ability
- disposable incomeEarnings minus essential costs
- retail salesStore revenue from buyers
- economic indicatorStatistic measuring market health
- deleveragingLowering financial leverage ratios
FICO
Creditworthiness rating system
- ExperianCredit reporting company
- EquifaxConsumer credit monitor
- TransUnionCredit reporting company
creditworthiness · score range · payment history · hard inquiry · soft inquiry · dispute · fraud alert · identity theft
personal loan
Unsecured individual borrowing
- installment planPeriodic payment arrangement
- unsecured loanDebt lacking pledged property
- auto loanCredit for vehicle purchase
student loan · buy now pay later · layaway · charge account · overdraft · cash advance · balance transfer · payday loan · home equity loan · secured card
default
Preset standard option
- delinquencyCriminal or neglectful behavior
- arrearsOverdue financial obligations
- bankruptcyLegal status when insolvent
collection · charge-off · past due · late payment · repossession · foreclosure · creditor · debtor · settlement · debt consolidation
APR
Yearly borrowing cost
- annual percentage rateYearly cost of borrowing
- finance chargeCost of borrowing money
- variable rateAmount that fluctuates
fixed rate · prime rate · subprime · interest rate · usury · compounding · introductory rate · promotional rate · discount rate · yield
grace period
Allowed delay before consequences
- billing cycleRecurring invoicing timeframe
- minimum paymentLowest acceptable installment amount
- due dateWhen payment is required
amortization · principal · prepayment · late fee · annual fee · disclosure · fair lending
purchasing power
Economic spending ability
- disposable incomeEarnings minus essential costs
- retail salesStore revenue from buyers
- economic indicatorStatistic measuring market health
- creditcreditworthiness, creditor, creditors, creditworthy, FICO
- lendingloans, borrower, approval, lenders, bank loan
- credit termsloans, installment loan, monthly payment, interest rate, installments
- postwar economicsMarshall Plan, economic recovery, currency reform, Wirtschaftswunder, recovery programs
- moneydollar, euro, coin, cash, pound
- bankingbank, banks, ATM, ATMs, account
consumer creditconsumer savings
Money retained through purchasing
personal savings · retirement savings · savings accounts · cash reserves · net worth
credit, consumer, consuming, consumption, consumers, consumables, consumerism, consumptive, consumerist