Glossary Of Debt Management & Financial Terms
Annual Percentage Rate (APR)
The cost of credit worked out by a yearly rate. A good measure for comparing loans, even when they are structured differently
The yearly amount of interest applied to a credit account, whether a loan, credit card or any other type of credit agreement. This is a good way of comparing interest rates on loans that are of a similar length term and also credit cards (length of term not being applicable to a credit card)
