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Credit Unit

Vocabulary

TermDefinition
Creditor A person or company that lends money and gets money back with interest
Capital Wealth, money, or assets used to invest, run a business, or generate more wealth.
Collateral A valuable asse someone owns and uses to secure a loan
Principal The original amount of money lent or invested
Finance charge The total cost of borrowing money or using credit
Debt Collector A person or company who collect past-due debts
Credit bureau A company that collects financial data about consumers for credit reports
Character A borrowers reputation
Credit Report A record of your credit history
Capacity The maximum amount that something can hold, produce, or contain
Credit History The history of your loans and payments
Credit Rating Businesses overall financial health
20/10 Rule A personal finance guideline that limits consumer debt to 20% and annual-take home pay and 10% of monthly take-home pay
Debtor Someone in debt
Bankruptcy Helps people who can not pay their debts by liquidating assets to pay their debts by creating a repayment plan
Secured Loans a loan backed by company assets or collateral
Unsecured Loans a financing option that does not require you to pledge physical assets, like property or equipment, as collateral
Reaffirmation a voluntary legal agreement made during bankruptcy proceedings where a debtor promises to repay a specific debt—such as a car loan or mortgage—that would otherwise be wiped out by the bankruptcy court
Involuntary bankruptcy a legal process initiated by creditors to force a debtor into bankruptcy when they fail to meet significant debt obligations
Voluntary bankruptcy Voluntary bankruptcy is a type of bankruptcy where an insolvent debtor brings the petition to a court to declare bankruptcy because they are unable to pay off their debts
Discharged debts a legal release from personal liability for specific financial obligations, meaning the debtor is no longer legally required to pay them
Liquidation Liquidation is the process of converting a company's assets into cash to pay off creditors and shareholders, usually signaling the end of business operations
Reorganization a major change to a company's legal, ownership, operational, or financial structure
Created by: user-2063636
 

 



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