Ian Cole Chapter 26 Vocabulary 1)Credit Beareu-An agency that collects information about you or other credit consumer. 2) Credit Limit-The maximum amount you can spend or charge on a credit card. 3) Cosigner-Someone who signs a piece of paper for you to get a credit card. 4) Down Payment- Portion of the total cost that must be paid up-front. 5) Principal-Amount of money you still owe based on interest 6) Secured Loan-When a loan is backed up by collateral 7) Unsecured Loan-A loan not backed by collateral 8) APR-Percentage rate determines the amount of credit you get on a yearly basis 9)Finance Charge-Total amount of money it costs you to finance a loan 10)Variable Rate-The rate that changes as interest rates in the bank change. 11)Cash Advance- Money you can borrow on a credit card. 11)Grace Period- Amount of time you have to pay off a debt that came from interest charges. 12)Repossess- government taking back your property. 13)Garnishmen