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Wise 121-140
epf terms
| Term | Definition |
|---|---|
| Interest | The cost of borrowing money, typically expressed as a percentage of the principal. |
| Interest rates | The amount charged by lenders to borrowers for the use of money, expressed as a percentage. |
| Principal | The original sum of money borrowed or invested, excluding any interest or dividends. |
| Rule of 72 | A formula to estimate the number of years required to double the investment at a fixed annual rate of return. |
| Simple interest | Interest calculated only on the principal amount, or on that portion of the principal amount which remains unpaid. |
| Time value of money | The concept that money available today is worth more than the same amount in the future due to its potential earning capacity. |
| 3 C's of credit | Capacity, character, and collateral; factors that lenders consider when evaluating a borrower's creditworthiness. |
| Auto finance companies | Specialized financial institutions that provide loans for purchasing vehicles. |
| Balance owed | The total amount of money that is still owed on a loan or credit account. |
| Bankruptcy | A legal proceeding involving a person or business that is unable to repay outstanding debts. |
| Bankruptcy: Chapters 13 | A type of bankruptcy that allows individuals with regular income to develop a plan to repay all or part of their debts. |
| Cash advances | Short-term loans taken against a credit card limit, usually with high interest rates. |
| Charge cards | Cards that require the balance to be paid in full each month, with no interest charges. |
| Collateral | An asset that a borrower offers to a lender to secure a loan. |
| Consolidation loans | Loans that combine multiple debts into a single loan with a lower interest rate. |
| Consumer Credit Counseling Services (CCCS) | Organizations that provide advice and assistance to consumers struggling with debt. |
| Consumer debt | Debt incurred by individuals for personal, family, or household purposes. |
| Co-signed loans | Loans that are guaranteed by a second party, who agrees to pay the loan if the primary borrower defaults. |
| Credit card companies | Businesses that issue credit cards and manage credit accounts. |
| Credit cards | Plastic cards issued by financial institutions that allow users to borrow funds for purchases. |
Created by:
moonpool13
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