Debt Lingo
A loan with collateral that the lender can take if the loan is not repaid according to the loan agreement
What is a Secured Loan
The most you can borrow
Credit Limit
First pay off debt with lowest balance
What is Snowball method
What is non dischargeable bankruptcy debt
Spousal, child support and alimony;
Certain Taxes
Court fines and penalties, including criminal restitution
Student loans
What is the federal law that governs debt collection practices.
Fair Debt Collection Practices Act (FDCPA)
How much money you borrow
Principal
Early repayment of all or part of a loan
Prepayment
Pay down debt by getting rid of your balance with the highest interest rate first.
What is debt avalanche method
Wisconsin ten-year statue of limitation civil action
What is a judgment
Promotes the accuracy, fairness, and. privacy of information in the files of consumer reporting agencies.
Federal Credit Report Act
The main cost of borrowing money
What is Interest
What is backed by either collateral or cash deposit
Secured Credit
You take the money you have available from a paid-up debt and use it to pay extra on another debt.
What is PowerPay
Missed payment (non medical) report on credit report
What is 30 days delinquent
What is the Rule, that prohibits many creditors from including certain provisions in consumer credit contracts. It also requires creditors to provide a written notice to consumers before they cosign obligations for others about their potential liability if the other person fails to pay
What is Credit Practice Rules
A credit agreement that allows you to borrow money from time to time up to a
pre-approved maximum credit line
Revolving credit
What is the practice of imposing unfair and abusive terms on a borrower
Predatory Lending
The combination of several unsecured debts—payday loans, credit cards, medical bills—into one monthly bill with the illusion of a lower interest rate, lower monthly payment and simplified debt-relief plan.
Debt Consolidation
Turning in an auto that you still owe money on
What is voluntary repossession
What is FDCPA dispute rights
What is the total cost of credit on a yearly basis
Annual percentage rate
What is borrowing a specific amount of money and repay it over a set period of time
Installment Loan
Best way to eliminate debt
Stop using credit
What is the common result of bad credit include late payment of bills, bankruptcy filing, Charge-offs, and defaulting on loans.
What is a low credit score
HUD Counseling Agencies
Financial Clinic
Financial Empowerment
Where to get financial/money management help.