ACT 3910- Final Exam Guide - Comprehensive Notes for the exam ( 82 pages long!)
Document Summary
Charged by credit cards companies for the privilege of using their card. A legal process in which a court takes over some of the finances of a person who is unable to pay his or her bills. The ability to use a credit card to withdraw cash from a bank or atm (rather than just purchasing a good or a service). Provides individuals with revolving open-end credit, which they can draw from repeatedly up to some pre-set limit. Performed by potential creditors to access a person"s credit report to examine the individual"s credit history and the ability to repay. An entity, such as a bank, that agrees to make a certain amount of credit available to a cardholder. Combining several small accounts into a one larger account that may be able to be financed at a lower rate. Time in which credit card companies do not charge interest on purchases.
