3 C's of credit
bankruptcy Chapter 11
consolidation loans
credit reporting agency
garnishment
100
3 C's of credit
capacity, character and collateral.
100
bankruptcy Chapter 11
deals with reorganization of businesses, provides that, unless the court rules otherwise, the debtor remains in possession of the business and in control of its operation
100
consolidation loans
one large loan made to consumers to pay several debts at once
100
credit reporting agency
and provides consumer credit information on individual consumers for a variety of uses. It is an organization providing information on individuals' borrowing and bill paying habits.
100
garnishment
a court action in which a portion of an employee's wage is set aside to pay a debt owed a creditor
200
auto finance companies
financial organization that specializes in automobile loans to consumers.
200
bankruptcy Chapter 13
deals with reorganization of businesses, provides that, unless the court rules otherwise, the debtor remains in possession of the business and in control of its operation
200
Consumer Credit Counseling Services (CCCS)
a nonprofit agency that gives free advice to people in financial difficulties
200
debtors anonymous
s a fellowship of men and women who share their experience, strength, and hope with each other that they may solve their common problem and help others to recover from compulsive debting. The only requirement for membership is a desire to stop incurring unsecured debt.
200
grace period
a period in which a debt may be paid without accruing further interest or penalty
300
balance owed
the amount left over after subtracting, as, for example, the amount owed on a loan (also called principal balance) or the amount in an account
banka financial institution that accepts deposits and channels the money into lending activities
3/73
300
bankruptcy Chapter 13
deals with debt adjustment or reorganization for individuals, allows people to put forward a plan to repay creditors over time, usually from future income
300
consumer debt
debt that has been incurred primarily for the purchase of consumer goods
300
due date
he date on which a financial obligation must be repaid
fixed interest ratean interest rate that does not change
17/73
300
home equity loans
home owners can borrow against the appraised value of their already purchased homes
400
bank
a financial institution that accepts deposits and channels the money into lending activities
400
cash advances
money lent: a loan given in cash, especially by an employer or credit card company, in anticipation of the borrower's being able to repay it
400
credit card companies
bank or business that allows somebody to purchase goods and services and pay for them later, often with interest
400
fixed interest rate
an interest rate that does not change
400
identity theft
the crime of obtaining someone else's personal data and using it for financial gain or to defraud or deceive
500
bankruptcy Chapter 7
dealing with liquidation, provides for a court-appointed interim trustee to make management changes, arrange unsecured financing, and generally operate the debtor business to prevent loss.
500
charge cards
a card used for making payments; balance must be paid in full when the statement is received
500
credit cards
provides individuals with revolving open-end credit, which they can draw from repeatedly up to some preset limit
500
fixed rate of interest
interest rates are effective annual yields
500
installment loans/credit
a loan that is repaid with a fixed number of periodic equal-sized payments