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Vocab Buissness
| Term | Definition |
|---|---|
| Creditor | one to whom a debt is owed |
| Capital | relating to or being assets that add to the long-term net worth of a corporation |
| Collateral | property (such as securities) pledged by a borrower to protect the interests of the lender |
| Principal | most important, consequential, or influential |
| Finance charge | the total amount of interest and loan charges you would pay over the entire life of the mortgage loan. |
| Debt collector | A debt collector is generally a person or company that regularly collects debts owed to others or who has the primary purpose of collecting |
| Credit bureau | a private business that compiles information on consumers' creditworthiness and provides this information to lenders |
| Character | a feature used to separate distinguishable things into categories |
| Credit report | A credit report is a statement that has information about your credit activity and current credit situation such as loan paying history |
| Capacity | The potential or suitability for holding, storing, or accommodating |
| Credit history | Your credit history describes how you use money |
| Credit rating | A credit rating is an evaluation of the credit risk of a prospective debtor predicting their ability to pay back the debt |
| 20/10 rule | 0%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 | one who owes a debt |
| Bankruptcy | the quality or state of being bankrupt |
| Secured loans | business or personal loans that require some type of collateral as a condition of borrowing. |
| Unsecured loans | debt products that do not require collateral but may come with higher interest rates and stricter credit requirements. |
| Reaffirmation | a second or subsequent affirmation : the act of reaffirming something or the condition of being reaffirmed |
| 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 |
| 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 | to settle (a debt) by payment or other settlement |
| Reorganization | the act or process of reorganizing : the state of being reorganized |
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