Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Credit Vocabulary
| Term | Definition |
|---|---|
| Creditor | individuals or entities that have lent money to another individual or entity. |
| Capital | the most important city or town of a country or region, usually its seat of government and administrative center. |
| Collateral | something provided to a lender as a guarantee of repayment. |
| Principal | the person with the highest authority or most important position in an organization, institution, or group |
| Finance charge | the total amount of interest and loan charges you would pay over the entire life of the mortgage loan |
| Debt collector | regularly collects debts owed to others, usually when those debts are past-due. |
| Credit bureau | an organization that collects and researches individual credit information and sells it to creditors for a fee |
| Character | the mental and moral qualities distinctive to an individual |
| Credit report | a summary of your credit history, including the types of credit accounts you've had, your payment history and certain other information such as your credit limits. |
| Capacity | the potential or suitability for holding, storing, or accommodating |
| Credit history | a record of your ability to repay debts and demonstrated responsibility in repaying them |
| Credit rating | an estimate of the ability of a person or organization to fulfill their financial commitments, based on previous dealings |
| 20/10 rule | no more than 20% of your annual net income should be spent on consumer debt and no more than 10% of your monthly net income should be used to pay debt repayments. |
| Debtor | someone who owes a debt or obligation to someone else |
| Bankruptcy | helps people who can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. |
| Secured loans | business or personal loans that require some type of collateral as a condition of borrowing |
| Unsecured loans | supported only by the borrower's creditworthiness, rather than by any collateral, such as property or other assets |
| Reaffirmation | a reassertion or confirmation of a fact or belief. |
| Involuntary bankruptcy | a legal proceeding through which creditors request that a person or business go into bankruptcy |
| Voluntary bankruptcy | a bankruptcy proceeding commenced by the debtor; bankruptcy instituted by an adjudication upon a debtor's petition |
| Discharged debts | the process in bankruptcy court, when a debtor is no longer liable for their debts, and the lender is no longer allowed to make attempts to collect the debt. |
| Liquidation | a process in which the company is brought to an end |
| Reorganization | the action or process of changing the way in which something is organized. |
Created by:
KalaJ
Popular Business sets