Credit

Balance owed

(Balance owing) The amount outstanding.

Co-signed loans

(Co-Signed Loan) A loan co-signer can help you qualify for a larger loan.

Consolidation loans

(Consolidation loan) Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.

Unsecured loans

(Unsecured loan) In finance, unsecured debt refers to any type of debt or general obligation that is not collateralised by a lien on specific assets of the borrower in the case of a bankruptcy or liquidation.

Cash advances

(cash advance) advance: an amount paid before it is earned

Auto finance companies

A company that makes loans to clients.

Credit reporting agency

A credit bureau (U.S.), or credit reference agency (UK) is a company that collects information from various sources and provides consumer credit information on individual consumers for a variety of uses.

Secured credit card

A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services.

Credit limit

A credit limit is the maximum amount of credit that a financial institution or other lender will extend to a debtor for a particular line of credit (sometimes called a credit line, line of credit, or a tradeline).

Interest

A fixed charge for borrowing money.

Variable rate

A floating interest rate, also known as a variable rate or adjustable rate, refers to any type of debt instrument, such as a loan, bond, mortgage, or credit, that does not have a fixed rate of interest over the life of the instrument.

Late fee

A late fee, also known as a late fine or a past due fee, is a charge levied against a client by a company or organization for not paying a bill or returning a rented or borrowed item by its due date.

Bankruptcy

A legal process to get out of debt when you can no longer make all your required payments

Mortgage brokers/lenders

A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses.

Payday loans

A payday loan (also called a paycheck advance) is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday.

Secured loans

A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.

Collateral

A security pledged for the repayment of a loan.

Fixed rate of interest

An investment or loan interest rate that will remain the same for an agreed term.

Bankruptcy Chapters

Bankruptcy is the process of legally declaring the inability to pay unsecured debts to creditors, thereby canceling these existing debts and starting debt-free after the bankruptcy is granted. There are four types of bankruptcy filings: Chapter 7, Chapter 11, Chapter 12 and Chapter 13

3 C's of credit

Character: From your credit history, a lender may decide whether you possess the honesty and reliability to repay a debt. Character: From your credit history a lender will want to know if you have valuable assets such as real estate, personal property, investments, or savings with which to repay debt if income is unavailable. Capacity: This refers to your ability to repay the debt. The lender will look to see if you have been working regularly in an occupation that is likely to provide enough income to support your credit use.

Credit carp companies

Credit card companies issue credit to ease purchases and allow consumers to delay payment on items.

Credit cards

Credit cards allow consumers to purchase items they may not have the cash for at the time of purchase but will have at a later date.

Credit history

Credit history or credit report is, in many countries, a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy. The term "credit reputation" can either be used synonymous to credit history or to credit score.

Credit report

Credit history or credit report is, in many countries, a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy. The term "credit reputation" can either be used synonymous to credit history or to credit score.

Debtors anyonymous

Debtors Anonymous (DA) is a twelve-step program for people who want to stop incurring unsecured debt. Collectively they attend more than 500 weekly meetings in nine countries. Those who compulsively unsecured debt are said to be engaged in debting and are known as compulsive debtors.

Finance charge

In United States law, a finance charge is any fee representing the cost of credit, or the cost of borrowing. It is interest accrued on, and fees charged for, some forms of credit. It includes not only interest but other charges as well, such as financial transaction fees.

Consumer debt

In economics, consumer debt is outstanding debt of consumers, as opposed to businesses or governments. In macroeconomic terms, it is debt which is used to fund consumption rather than investment.

Variable interest

Interest rates fluctuating up or down according to current cost of money.

Consumer credit Counseling services

Organizations specializing in these types of services typically help consumers 1) balance their budgets, 2) manage their money, 3) create a debt management plan (DMP) by negotiating for a lower monthly payment and interest rate with creditors, 4) eliminate over-the-limit and late fees, 5)

Predatory lending

Predatory lending describes unfair, deceptive, or fraudulent practices of some lenders during the loan origination process.

Tax prepares

Tax preparation is the process of preparing tax returns, often income tax returns, often for a person other than the taxpayer, and generally for compensation. Tax preparation may be done by the taxpayer with or without the help of tax preparation software and online services.

Truth in Lending

The Truth in Lending Act (TILA) of 1968 is a United States federal law and designed to protect Consumers in credit by requiring clear key terms of the lending arrangement and all costs. is legal in Title I of the Consumer Credit Protection Act, as amended (et seq.).

Minimum amount due

The dollar amount that a student must pay to become registered at MSU for a particular semester, and to avoid late fees and possible disenrollment. This figure is reflected on the registration bill, the first billing statement of each semester. Also see "Enrollment" and "Registration".

Minimum payment

This is the smallest amount an employer is allowed to pay into a contracted out money purchase scheme. This amount will give the protected rights.

Garnishment

a court order directing that money or property of a third party (usually wages paid by an employer) be seized to satisfy a debt owed by a debtor to a plaintiff creditor.

Charge cards

a credit card for use with an account that must be paid when a statement is issued.

Credit score

a number assigned to a person that indicates to lenders their capacity to repay a loan.

Pawn tickets

a ticket issued by a pawnbroker in exchange for an article pawned, bearing particulars of the loan.

Line of credit

an amount of credit extended to a borrower.

Credit rating

an estimate of the ability of a person or organization to fulfill their financial commitments, based on previous dealings.

Bank

be in the banking business

APR

concerned with or designed for activities at a ski lodge after skiing

Mortgage

convey (a property) to a creditor as security on a loan.

Revolving credit

credit that is automatically renewed as debts are paid off.

Default

fail to pay up

Home equity loans

home equity loan) home loan: a loan secured by equity value in the borrower's home

Installment loans/credit

installment credit: a loan repaid with interest in equal periodic payments

Lien

legal claim until a debt on it is repaid

Low credit rating

low credit rating suggests a high probability of default.

Title for goods

ownership of real property which is totally free of claims against it and therefore can be sold, transferred, or put up as security (placing a mortgage or deed of trust on the property).

prepayment

payment in advance

PIN

personal identification number.

Grace period

simple elegance or refinement of movement.

Overspending

spend more than the expected or allotted amount.

Liquidation

termination of a business operation by using its assets to discharge its liabilities

Ownership

the act, state, or right of possessing something.

Repossession

the action of regaining possession (especially the seizure of collateral securing a loan that is in default)

Due date

the date on which a financial obligation must be repaid

identity theft

the fraudulent acquisition and use of a person's private identifying information, usually for financial gain.

Usury

the illegal action or practice of lending money at unreasonably high rates of interest.

Forclosure

the process of taking possession of a mortgaged property as a result of the mortgagor's failure to keep up mortgage payments.