Oprah Debt Management, Credit Card Advice, BankrupOprah Debt Management, Credit Card Advice, BankrupA personal finance, credit and money resource about debt consolidation, obtaining free credit reports, credit cards, savings, and investments. Articles
Co-signer
2007-07-11 01:37:00 A person who signs a loan or credit card with the primary applicant, pledging to be responsible for repaying the loan or debt in the event the applicant is unable. More About: Terms
Co-sign
2007-07-11 00:36:00 To sign a credit agreement with someone and agree to share the debt with that person or assume the debt if the other person defaults and doesn’t pay. More About: Terms , Sign
Consolidation Loan
2007-07-10 23:36:00 If you owe money to several creditors, you can combine your payments and balances into a single account with one creditor. This can be done in several ways. For example, you can transfer several high interest credit card balances onto one card with a lower rate. If you own a home, you can consolidate your ... More About: Loan , Terms , Cons , Solid , Dati
Collection
2007-07-10 22:35:00 The referral of a past due account to a specialist in collecting loans or accounts receivable. More About: Terms , Coll
Collateral
2007-07-10 21:34:00 An asset pledged to a lender to guarantee repayment. Coll ateral could include savings, bonds, insurance policies, jewelry, property or other items that are pledged to pay off a loan if payments are not made according to the contract. Collateral is not required for unsecured credit card accounts. (See Secured Card). More About: Terms , Late , Tera
Charge Card
2007-07-10 20:34:00 A card that requires full payment of the balance before the end of the billing period. It is not a line of credit and no interest is charged. More About: Card , Charge , Terms , Char
Balance Calculation Method
2007-07-10 19:24:00 Balance Calculation Method is the method used by a credit card issuer to calculate the balance owed and the interest due each month. More About: Terms , Balance , Lance , Balan
CCCS - Consumer Credit Counseling Service
2007-07-10 18:33:00 A non-profit organization with professional financial counselors who provide help to people during financial crises by negotiating with their creditors to accept reduced payments. This assistance is available free or at a very low cost. You can call 1-800-388 CCCS to locate the CCCS nearest you. More About: Credit , Service , Consumer , Terms , Consumer Credit
Cash Advance Fee
2007-07-10 17:33:00 A one-time fee for cash advances in addition to normal finance charges. This fee is usually a percentage of the advance amount. More About: Terms , Cash , Vance
Cash Advance
2007-07-10 16:32:00 A cash withdrawal at an automated teller machine, bank teller or by use of a convenience check. This cash is an instant loan from your credit card account. The credit card company will apply finance charges from the day you take the advance until the day you pay it off. A transaction fee may also ... More About: Terms , Cash , Vance
Cardmember Agreement
2007-07-10 15:31:00 The issuer?s written statement of terms and conditions relating to your credit card account. The cardmember agreement is required by Federal Reserve regulations. The agreement states that the annual percentage rate, the monthly minimum payment formula, annual fee, if applicable, and your rights in billing disputes. More About: Terms , Agreement
Budget
2007-07-10 14:30:00 The financial record you use to keep track of the money you earn, how much you spend and what you spend it on. Your budget also includes savings and how much you pay to your creditors. More About: Terms , Budget
Bottom Line
2007-07-10 13:30:00 The bottom line is your monthly income less expenses. More About: Terms , Line , Bottom
Borrower
2007-07-10 12:29:00 The person who signs and agrees to the terms of a promissory note and is responsible for repaying the loan. More About: Terms , Borrow
Billing Statement
2007-07-10 11:28:00 A monthly bill from your credit card issuer which describes and summarizes the activity on your account including the outstanding balance, purchases, payments, credits, finance charges and other transactions for the month. More About: Terms , Billing , Stat , Bill , Statement
Billing Cycle
2007-07-10 10:28:00 The number of days between your last statement date and your current statement date. More About: Cycle , Terms , Billing , Bill
Bankruptcy Chapter 13
2007-07-10 08:27:00 In a Chapter 1 3 agreement, the court creates a debt repayment plan that allows you to keep your property. * In order to file Chapter 13, you must have a source of income and promise to pay part of your income to creditors. The court allows you to keep any assets that have debts against them ... More About: Bankruptcy , Terms , Bankrupt
Bankruptcy Chapter 7
2007-07-10 07:26:00 In a Chapter 7 agreement, the court resolves most debts by selling assets and property so that the filer is given a fresh financial start. The court takes all assets including your car, home, furnishings, jewelry or anything else of value. The assets are sold to pay off the debt. * There are some debts you ... More About: Bankruptcy , Terms , Chapter 7 , Bankrupt
Balance Transfer
2007-07-10 05:25:00 Transferring balances from one credit card to another, usually to take advantage of a lower interest rate. Transfers are limited to the available credit on the receiving card More About: Terms , Transfer , Balance , Lance , Balan
Balance or Amount Owed
2007-07-10 04:20:00 The total amount you owe the issuer including any unpaid balance from last month, new purchases, cash advances, and any other charges such as an annual fee, late fees or finance charges. The “Amount I Owe” should not be confused with the minimum amount due (the minimum payment allowed each month). More About: Terms , Balance , Lance , Balan , Mount
Bad Credit
2007-07-10 03:19:00 A term used to describe a poor credit rating. Common practices which can damage your credit rating include late or missed payments, exceeding the limit on cards, defaulting on loans or declaring bankruptcy. “Bad Credit ” can result in the denial of future credit. More About: Terms
Average Daily Balance
2007-07-10 02:19:00 The average daily balance is a common way card users calculate finance charges. The credit card company finds the balance each day of the billing period, adds the daily balances together and divides by the number of days in the period. The calculation includes new purchases and payments. You should refer to your credit card ... More About: Daily , Terms , Balance , Lance , Balan
Available Credit
2007-07-10 01:18:00 Available credit is your credit limit minus your current balance. It is the unused portion of your credit line. More About: Credit , Terms , Available
ATM
2007-07-10 00:17:00 Automated Teller Machine. ATMs are used globally for after-hours bank transactions. More About: Terms
Asset
2007-07-09 23:16:00 Cash or anything you own that can be turned into cash. This includes property, goods, savings or investments. More About: Terms , Asset
Annual Percentage Rate (APR)
2007-07-09 21:15:00 The annual percentage rate a measure of the cost of credit expressed as a yearly rate. When you open a credit card account, you agree to pay a percentage of the outstanding balance each month as a finance charge. The APR is the rate of interest you are charged expressed on a yearly basis. More About: Terms , Rate , Annual
Annual Fee
2007-07-09 20:14:00 Some credit cards charge an annual fee; it is the yearly cost you pay to use the card. More About: Terms , Annual
Blue Student Credit Card
2007-07-04 14:18:00 The practice of Universities restricting ? and in some instances even banning ? credit card companies from soliciting business from students on campus, still continues. Their reasoning: to protect students. According to the majority of universities that impose restrictions, an undisclosed amount of students have gone bankrupt and stopped studying as the result of debt. ... More About: Card , Credit , Student Credit Cards , Student , Blue
What is the Average US Credit Score?
More articles from this author:2007-07-04 14:17:00 The credit score, also well known as a FICO score, is a statistical or numerical interpretation of the information portrayed through your credit file that basically provides a likely window to whether you would pay a loan back on time — the higher your credit score, the higher your credibility in the loan market. The report ... More About: Credit , Score , The A , Average 1, 2, 3, 4, 5, 6, 7 |
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