Credit
A legal process to get out of debt when you can no longer make all your required payments.
Bankrupcty
Payment for the use of money. Principal X interest rate X time
Interest
A charge for setting up a loan that is typically associated with home loans.
Origination fee
This is the maximum amount of credit a lender will extend to a customer.
Credit Limit
The maximum amount an insurance company will pay if you file a clam.
Coverage Limit
The entire amount of money you owe to lenders.
Debt
A form of bankruptcy that allows you to repay many of your debts over a period of time.
Chapter 13
A form of bankruptcy that allows you to erase most of your debt.
Chapter 7
A fee on credit cards for making charges above your credit limit
Over the Limit Fee
The amount you pay for an insurance policy.
Insurance premium
A detailed record of your personal credit and financial transactions.
Credit Report
The amount of money someone is willing to loan you. Also the amount that is still owed on a loan
Principal
The length of time you have to pay off a loan.
Loan Term
Deductible
The process of dealing with the change of potential personal or financial loss.
Risk Management
Usually seen on credit card statements to represent the actual dollar cost of using credit to maintain a balance.
Finance charge
An amount that credit card companies can charge for the use of a credit card.
Annual Fee
A record of how you have repaid your credit obligations.
Credit history
A written contract detailing how much you will pay for insurance coverage and what an insurance company will cover and pay in the event of a loss.
Insurance policy
A penalty on all types of credit for making a payment after its due date.
Late Fee
A rating used by credit reporting companies to help lenders decide whether and/or how much credit can be extended to the borrower.
Credit score
Grace period
The probability that injury, damage, or loss will occur.
Risk