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credit
| Term | Definition |
|---|---|
| creditor | one to whom a debt is owed |
| capital | accumulated goods especially at a specified time and in contrast to income received during a specified period |
| Collateral | property (such as securities) pledged by a borrower to protect the interests of the lender |
| Principal | main line of trade determined by where it spends the most capital, labor, time, and resources, or derives the majority of its gross income |
| Finance charge | A finance charge is the total cost of borrowing money or using consumer credit, expressed as a dollar amount. |
| Debt collector | A debt collector is a person or company that tries to collect money owed on past-due accounts. |
| Credit Bureau | A credit bureau is a private company that collects personal financial data and borrowing histories to compile credit reports for lenders |
| Character | merchandising and economic activities built around fictional characters, mascots, or brand icons |
| Credit report | A credit report is a detailed statement of your credit history and financial behavior compiled by consumer reporting agencies |
| Capacity | is the maximum level of output or work that a company can sustainably produce or deliver over a specific period using its available resources |
| Credit history | a record of having borrowed and repaid money in the past |
| credit rating | a score or grade that a company or organization gives to a possible borrower and that indicates how likely the borrower is to repay a loan |
| 20/10 rule | personal finance guideline that helps you keep consumer debt at a safe and manageable level. |
| Debtor | one who owes a debt |
| bankruptcy | the quality or state of being bankrupt |
| Secured loans | A secured loan is a type of loan backed by an asset that you pledge as collateral. |
| Unsecured loans | A secured loan is a type of loan backed by an asset that you pledge as collateral. |
| Reaffirmation | debtor promises to keep paying a dischargeable debt in order to keep secured property like a car or a home |
| Involuntary bankruptcy | bankruptcy declared upon petition of creditors |
| Voluntary bankruptcy | bankruptcy declared upon petition of the debtor |
| Discharged debts | specific financial obligations that a bankruptcy court has legally eliminated, releasing the debtor from personal liability |
| Liquidation | liquidation is the process of converting business assets into cash |
| Reorganization | the financial reconstruction of a business concern |
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