Glossary

An educated estimate of how much a property is worth. This is done by considering the recent home sales and values in the same area.

Assets are things of value that a person possesses. Homes, cars, investments, and other things of value may be included in a person’s assets.

This is someone who is granted allowance to make purchases on another person’s credit card. This person isn’t responsible for making payments on the debt,

Available credit is the remaining amount you have left to use on your credit card. This is generally determined by taking the credit allowance and

The sum of all debts owed by a person in comparison to their monthly income. The debts can include credit card payments, student loans, car

The amount owed on a credit card to pay off the balance. This is a total of the charges that have been made as well

A fee that is collected when a balance on one credit card is moved to another credit card. It is usually a percentage of the

An alternative loan were the payments do not pay entire principle by the end of mortgage term. When the loan is complete the borrower must

When a person is unable to repay debt, bankruptcy is a process where a court dissolves a person’s assets in order to take care of