In this lesson you will learn key terms related to credit and learn how creditors use capacity, character and collateral as criteria for making loans. You will learn about credit rights and responsibilities. You will identify the rights and responsibilities of using credit.
When you have finished this lesson you should be able to:
- Define credit and creditor.
- Define interest.
- Identify and describe criteria lenders use to make loans.
- Explain the rights and responsibilities related to using credit.