Term
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Definition
| An amount that credit card companies can charge for the use of a credit card |
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Term
| Annual Percentage Rate (A.P.R.) |
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Definition
| APR is the total amount of what it costs you to use credit in a given year. It is expressed as a percentage of the amount borrowed. |
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Term
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Definition
| A legal process to get out of debt when you can no longer make all your required payments. |
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Term
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Definition
| A form of bankruptcy that allows you to erase most of your debt. |
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Term
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Definition
| A form of bankruptcy that allows you to repay many of your debts over a period of time, usually no more than five years. |
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Term
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Definition
| An amount of money, or something of value, that is loaned on trust and with the expectation that it will be repaid at a later date. |
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Term
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Definition
| A record of how you have repaid your credit obligations. |
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Term
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Definition
| This is the maximum amount of credit a lender will extend to a customer. |
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Term
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Definition
| A detailed record of your personal credit and financial transactions. |
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Term
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Definition
| A rating used by credit reporting companies to help lenders decide whether and/or how much credit can be extended to a borrower. |
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Term
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Definition
| The entire amount of money you owe to lenders. |
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Term
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Definition
| Usually seen on credit card statements to represent the actual dollar cost of using credit to maintain a balance. |
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Term
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Definition
| On a credit card, the length of time you have before you start accumulating interest on an unpaid balance. |
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Term
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Definition
| A charge for a loan, usually calculated as a percentage of the principal. |
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Term
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Definition
| A penalty on all types of credit for making a payment after its due date. |
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Term
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Definition
| The length of time you have to pay off a loan. |
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Term
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Definition
| A charge for setting up a loan that is typically associated with home loans. |
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Term
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Definition
| A fee on credit cards for making charges above your credit limit. |
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Term
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Definition
| The amount of money someone is willing to loan you. Also the amount that is still owed on a loan. |
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Term
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Definition
| A clause included in many credit card company agreements that allows a credit card company to increase your interest rate if you make just one late payment. |
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Term
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Definition
| Ensures customers are fully informed about costs and conditions of borrowing. |
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Term
| Fair Credit Reporting Act |
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Definition
| Protects the privacy and accuracy of information in a credit check. |
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Term
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Definition
| Prohibits discrimination in giving credit on the basis of sex, race, color, religion, national origin, marital status, age, or receipt of public assistance. |
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Term
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Definition
| Sets up a procedure for the quick correction of mistakes that appear on consumer credit accounts |
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Term
| Fair Debt Collection Practices Act |
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Definition
| Prevents abuse by professional debt collectors, and applies to anyone employed to collect debts owed to others; does not apply to banks or other businesses collecting their own accounts |
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