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Vocab words

QuestionAnswer
Creditor A person, business, or institution that lends money or provides credit
Capital Money or assets a borrower has that can be used to repay debts or secure loans.
Collateral Property or assets pledged by a borrower to secure a loan
Principal The original amount of money borrowed or the amount still owed on a loan, excluding interest.
Finance charge The total cost of borrowing money, including interest and fees
Debt collector A person or company hired to recover money owed and overdue accounts
Credit bureau An agency that collects and maintains credit information and provides credit reports to lenders.
Character A borrower’s reputation for repaying debts, often judged by credit history and financial responsibility
Credit report A detailed record of an individual's borrowing and repayment history used by lenders to assess risk
Capacity A borrower’s ability to repay a loan, usually measured by income and existing debts.
Credit history A record of a borrower’s past use of credit, including on-time payments and defaults
Credit rating A score or grade assigned to a borrower that indicates creditworthiness.
20/10 rule 20% of your annual income and limit monthly payments to 10% of monthly take-home pay
Debtor A person or business that owes money to a creditor.
Bankruptcy Process that allows individuals or businesses unable to repay debts to eliminate or restructure what they owe
Secured loans Loans backed by collateral
Unsecured loans Loans not backed by collateral
Reaffirmation Agreement during bankruptcy where a borrower promises to continue paying a debt that could otherwise be discharged
Involuntary bankruptcy Case filed by creditors against a debtor who has not voluntarily filed.
Voluntary bankruptcy A bankruptcy case filed by the debtor themselves
Discharged debts Debtor is no longer required to pay them
Liquidation process or selling a debtor’s assets to repay creditors
Reorganization Type of bankruptcy where debts are restructured to allow repayment over time instead of being eliminated.
Created by: user-1986147
 

 



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