Credit - When you use borrowed money with a promise to repay it at a later date., Principle - The amount of money that you borrow. You are expected to repay the principal plus any interest charged., Credit Limit - The total amount you are allowed to borrow. This is set by the lender based on your ability to repay., Grace Period - Represents the time between when you borrow money and when interest begins to be charged on the principal., Mortgage - A loan used to purchase or maintain a property, (home, land, or real estate). The borrower agrees to pay the lender a series of regular payments that are divided into principal and interest. The property serves as collateral to secure the loan. If the borrower defaults they forfeit the collateral, (their property) to the lender., Depreciation - forfeit the collateral, (their property) to the lender. Depreciation A reduction in the value of an asset with the passage of time, due in particular to wear and tear, Resale Value - The value that goods, especially a house, car or other property, have when you want to sell after owning it for a period of time., Financing Charges - The interest and other charges that a financial institution charges a borrower as the expense for taking a loan., Unsecured Personal Loans - Any loan you take out without providing collateral, for example, a credit card., To Default - The failure to fulfill an obligation, especially to repay a loan., Variable Interest - Also called adjustable or floating rate, is an interest rate on a loan that fluctuates over time based on the underlying interest rate., Fixed Interest - An unchanging rate charged on a liability, such as a loan or mortgage., Payday Loans - These loans are typically offered as a “bridge” between an expense (such as rent) and your next paycheck, usually with term lengths of less than 1 month. These loans can be either unsecured or secured., Second Mortgage - A mortgage taken out on a property that is already mortgaged., Reverse Mortgage - A financial agreement in which a homeowner relinquishes equity in their home in exchange for regular payments, typically to supplement retirement income., Credit Report - retirement income. Credit Report A detailed summary of how an individual has handled their credit accounts. The three major credit bureaus in the United States are Equifax, Experian and Transunion., Credit History - The record of how a person has managed their credit in the past, including total debt load, number of credit lines, and timeliness of payment. Entries are removed after 7-10 years., Credit Score - A number between 300-850 assigned to a person that indicates to lenders their capacity to repay a loan., Fair Credit Reporting Act (FRCA) - Act (FRCA) A federal law that regulates the collection of consumers' credit information and access to their credit reports. It addresses the fairness, accuracy, and privacy of the personal information contained in the files of the credit reporting agencies., Compound Interest - The interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods., Insolvent - The point where you are unable to pay back your personal debt., Repossession - When a creditor takes possession of any property you put up as collateral after you stop making your loan repayments. They can usually do this without notifying you., Wage Garnishment - If a creditor sues you for defaulting on your loan, the court can enforce that a certain amount of your paycheck is sent directly to the creditor before you even see it., Debt Settlement - An arrangement between the lender and the borrower, where the borrower pays a lump sum or one-time payment which is less than the actual amount due, to settle the debt once and for all.,

Credit Cards and Debt

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