Debt glossary
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Debt Glossary – Terms and Definitions

  • APR – APR is an abbreviation for annual percentage rate
  • Annual fee – A fee charged by the creditor on a yearly basis.
  • Balance transfer fee – Fee charged for making a balance transfer
  • Bankruptcy – A legal process when a court excuses someone from paying their debts.
  • Billing cycle – A time between each billing statement.
  • Cash advance - The borrowing of cash against ones credit card.
  • Charge off – A debt that the collector has decided cannot be collected.
  • Credit limit – The amount of money allowed on a credit card.
  • Debt – A balance that has been borrowed and needs to be paid back.
  • Default – To not pay a debt that was promised by a contract.
  • FCRA – Fair credit reporting act
  • Finance charges - Costs combined by the APR and balance
  • Garnishment – Money legally taken from one paycheck to pay an unpaid debt.
  • Interest rates – Money charged for a loan.
  • Judgment - A court order to pay on a debt.
  • Late fees – Money charged for not paying a debt on time.
  • Minimum payment – The minimum amount that can be paid for that billing cycle.
  • Revolving credit – Credit that can be used repeatedly.
  • Payment date – The date that a payment is due.
  • Overdraft protection – A service that offers protection for money that was not available to pay a debt.
  • Past due – When a payment has not been applied on the agreed date.
  • Variable interest rate – An interest that changes due to another interest rate

 

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