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Stack #4529293

TermDefinition
Creditor: a person to whom money is due
Capital: the total amount of assets a company or person has to put towards something
Collateral: property pledged by a borrower to protect the lender incase their not payed back
Principal: a system in which somebody builds their beliefs around
Finance charge: the total cost to a consumer for borrowing money or using credit, encompassing all fees and interest paid to the lender or creditor.
Debt collector a person or company that recovers past-due debts owed to a creditor, such as a bank or credit card company, either by acting on their behalf or by purchasing the debt outright.
Credit bureau: company that collects, maintains, and sells consumer credit information to lenders, creditors, and other businesses.
Character: the qualities distinctive to an individual.
Credit report a detailed record of your borrowing and repayment history, compiling information from lenders and other sources into a comprehensive statement about your creditworthiness
Capacity the maximum amount that something can contain.
Credit history a comprehensive record of a person's past borrowing and repayment behavior
Credit rating an estimate of the level of risk involved in lending money to a business or other entity
20/10 rule a financial strategy to limit debt, advising you to keep your total consumer debt below 20% of your annual take-home pay and your monthly debt payments at no more than 10% of your monthly take-home pay
Debtor a person or institution that owes a sum of money.
Bankruptcy declared in law unable to pay outstanding debts.
Secured loans a loan backed up with colleterial
Unsecured loans a loan that is not backed by any collateral
Reaffirmation a second affirmation : the act of reaffirming something or the condition of being reaffirmed
Involuntary bankruptcy a legal process initiated by one or more creditors to force a debtor into bankruptcy.
Voluntary bankruptcy a legal proceeding initiated by a debtor chooses to file a petition with a bankruptcy court
Discharged debts debt for which the debtor is permanently released from the legal obligation to pay, usually through a court order
Liquidation to determine by agreement or by litigation the precise amount of liabilities
Reorganization the financial reconstruction of a business concern
Created by: user-1986120
 

 



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