Individual Finance– Glossary. Assets– An asset is something that is owned by someone.

30. mája 2021 Od Katka Vasiľová

Individual Finance– Glossary. Assets– An asset is something that is owned by someone.

3 C’s– utilized by creditors to measure the credit-worthiness of potential prospects, the 3 C’s are: capability, character, and money

Annual fee– The yearly account charge, if any, to possess credit cards

APR– Annual Percentage Rate- the price of credit for starters expressed as a percentage year

Capital– Wealth open to create more wide range; assets of the business or person after liabilities are deducted

Closed-end credit– A contract for the loan of a specified quantity when the agreement released informs the quantity of purchase, the total finance cost, together with quantity of each re re re payment

Collateral– Savings, bonds, insurance plan, precious jewelry, home or any other product this is certainly pledged to cover a loan off or any other financial obligation if re payments aren’t made based on the agreement; also known as protection

Co-signer– an individual aside from the borrower whom assumes responsibility that is equal a loan or rent

Credit bureau– A for-profit business this is certainly in the commercial of accumulating, keeping, and credit information that is distributing

Credit line– An arrangement by which a vendor or bank expands a specified amount of unsecured credit to a specified debtor for the specified time frame

Credit file– A written report released by a credit bureau which has appropriate details about a person’s creditworthiness

Default– A status assigned up to a cardholder if they does not perform or adapt to every item placed in the cardholder contract

Delinquent– neglecting to produce a payment that is required time

Advance payment– An amount offered as protection for a financial loan to ensure other payments that are remaining be manufactured

FCBA– Fair Credit Billing Act – Federal law that covers bank card payment issues. It relates to all open-end credit reports ( e.g., bank cards, overdraft checking)

FCRA– Fair credit scoring Act – Consumers’ rights are protected whenever gathering and information that is reporting obtaining credit, insurance coverage, and work

Fee–A charge for services rendered

FICO score– Fair Isaac Credit Organization score – the absolute most commonly used credit history model in the usa

Finance charge– The portion cost placed on the day-to-day or month-to-month balances as described into the credit contract

Finance business– A business that produces loans to individuals and/or companies

Elegance period– The period of the time through the payment date of one’s final charge card bill towards the deadline of the present bill, when you can finally spend in full without getting charged interest

Installment loan– that loan become paid back in fixed payments such as principal and interest

Interest– Money taken care of the employment of cash; profits on a family savings

Minimal re payment– The payment that is smallest you possibly can make to keep up a credit account on present status

Open-ended credit– a credit line which is often used over and over over and over repeatedly until a particular limitation is reached

Pay day loan– a tiny, short-term loan this is certainly meant to protect a borrower’s costs until his / her next payday

Predatory lending– Lending practices that are fraudulent, deceptive, discriminatory, or unfavorable. The techniques can be appropriate, however they are perhaps maybe not when you look at the interest that is best regarding the debtor

Prime rate–An index rate that is used to look for the APR in an interest rate account that is variable

Repossession– When a lender or vendor takes back once again home through the debtor or customer, frequently as a result of standard

Revolving credit– A credit contract which allows consumers to pay for all or the main balance that is outstanding a loan or charge card. As credit is paid down, it becomes open to make use of once again

Secured bank card– A consumer utilizes cost cost savings or any other security to ensure the charge card; the limitation of credit is founded on the quantity of security available

Truth-in-Lending– A law that needed a loan provider to tell a debtor of this quantity financed, total finance fees, apr, re payment routine, and a whole lot more essential numbers

Personal debt– A credit supply which is not fully guaranteed with security

Usury regulations– Laws establishing maximum rates of interest that loan providers may charge

Alternative– among the many alternatives or courses of action that would be drawn in a offered situation

Selection– Decision made or strategy taken when confronted with a collection of alternatives

Customs– Long-established practice or habit by an individual, household, or culture

Delayed satisfaction– Making a choice that is economic postpone an incentive

Evaluation– Setting criteria to greatly help establish value or worth

Products– Tangible objects that satisfy wants that are economic

Human Capital– The wellness, training, experience, training, abilities and values of individuals. Also referred to as individual resources

Impulse purchase– Making a purchase without comparing rates and advantages beforehand

Long-lasting objective– Something a individual or company intends to attain at least 5 years as time goes by

Media literacy– Using critical reasoning to evaluate media and its own communications

Requirements– things you should have to reside

Chance Cost– The value for the alternative that is best you call it quits whenever scarce resources are employed for one function instead of another

Peers– Those belonging to your exact same societal team according to age, grade or status

Priorities– Judging among options, particularly when products or solutions come in quick supply

Pay Yourself First (PYF)– placing cash into cost cost savings every online payday loans North Dakota month (or each paycheck) before spending other bills

Resources– Items which are beneficial in the entire process of attaining objectives; normal, human being and capital resources are accustomed to produce products and solutions

Danger– the likelihood of variation into the return on a good investment

Scarcity– in a system that is economic are available regarding how resources are going to be utilized since it is extremely hard to make all products and services that folks want