Glossary

Conditions and procedures put forth by the federal government to help bring relief to those who find themselves unable to pay their debts.

Determined by an extensive and complex algorithm, these are credit scores that provide lenders with insight on whether a person is worthy to receive credit.

The person who is responsible for paying a loan back.

Credit capacity refers to the amount of credit a person is able to handle. To find a person’s capacity, their income is considered as well

A person or any authorized users who receive a credit card from an issuer.

When an amount is collected from a creditor to receive cash. It generally requires the payment of an increased interest rate.

A fee charged for taking out cash from a creditor. This is usually an increased amount compared to the general interest rate for the credit

An agency of the US government that helps protect consumers in their financial endeavors.

When a bankruptcy includes the plan to pay back debts on a schedule from the debtor’s future income. This is set by the court and