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Credit Counselling about Debt Reduction By Adam Gilbert
Credit Counselling
Interested in become a credit counsellor and helping free the
captives to the salvery of debt - you know - having to go to
work to pay the ever increasing spirialing debt. Here is some
wisdom to share with your friends:...
Debt Elimination and Debt Elimination Services
Debt elimination services can help consumers who have more debt than they can manage look into options of reducing or negating that debt. When searching for debt elimination, consumers should seek an agency that offers debt counseling and guidance...
Debt Reduction Program And Slowing Your Spending
The best idea available to any individual or business for debt
reduction program is to slow your spending. There are two
important factors to be remembered for debt reduction and
slowing spending. First one is commen sense - Stop adding to
your...
Debt Reduction: Which debts do you pay off first?
If you've gotten yourself into some debt problems and are trying to drag yourself out, how do you prioritize your debts in terms of repayment? This can be the toughest decision you face - it will make a huge difference in how fast you're able to pay...
Pay Down Your Debt Now. Don't Wait For The Perfect Situation.
The number one reason people don’t get out of debt is they don’t try. This may apply to you. You want to, but never seem to do it. You put it off for whatever reason. Sometimes, you want to wait for your life to be just right before you...
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Debt a Glossary of Terms
Bankruptcy - Having been legally declared financially insolvent. There are two types of bankruptcy - liquidation, in which your debts are cleared (discharged) and reorganization, in which you provide the court with a plan for how you intend to repay your debts.
Collateral - Property acceptable as security for a loan or other obligation.
Collection Agency - A company hired by a creditor to collect a debt that it is owed.
Contract - An agreement between two or more parties, usually written down and enforceable by law .
Cosigner - To endorse (another's signature), as a loan agreement, lease or credit application. If the primary debtor does not pay, the cosigner is fully responsible for the loan or debt.
Credit Bureau - An organization to which business firms apply for credit information on prospective customers.
Credit Report -An account of your credit history, prepared by a credit bureau. A credit report will contain credit history, such as what you owe to whom and whether you make the payments on time, as well as personal history, such as your former addresses, employment record and any lawsuits in which you have been involved.
Creditor - A person or entity (such as a bank) to whom a debt is owed.
Debtor - A person or entity (such as a bank) who owes money.
Debt to Income Ratio - Most mortgage lenders use this ratio to analyze your financial well-being. It is figured by using your monthly debt divided by your monthly income. The lower the percentage the better your financial picture. This is often referred to as credit worthiness.
Default - To fail to pay money when it is due. A default on a mortgage or loan takes place when you fail to make the loan payments on time, fail to maintain adequate insurance or violate some other provision of your agreement with the mortgage / loan company.
Discharge (of debts) - A court's writing of off the debts of a person or business that has filed for bankruptcy.
Dischargeable Debts - Debts that can be erased by going through bankruptcy.
Down Payment - A cash payment made by a buyer when they purchase a property.
Equity - An increase in the value of your home or decrease in the loan amount on your home creates equity. Equity is the difference between what is
owed on your home and the sale value. Most home equity lenders will allow you to borrow up to 80% of that value.
Fair Isaac and Company - Fair Isaac is the company responsible for creating the popular FICO score. This three digit score is created using information from your credit report and ranges from 300-850.
Foreclosure - The forced sale of property to pay off a loan on which the owner of the property has defaulted.
Garnishment - A court order directing a third party who holds money or property belonging to a defendant to withhold it and appear in court to answer inquiries.
Grace Period - A period of time during which you are not required to make payments on a debt.
Guarantor - A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform.
Interest - A commission you pay a bank or other creditor for lending you money or extending you credit. Usually calculated as a percentage of the mortgage or loan.
Lien - The right to take and hold or sell the property of a debtor as security or payment for a debt or duty.
Loan Consolidation - The combining of a number of loans into a single new loan. Usually done to gain more favourable terms e.g. lower cost repayments or longer time to pay.
Principal - A sum of money owed as a debt, upon which interest is calculated. If you purchased an item for $100 on your credit card that would be the principal balance.
Repossession - A creditor's taking of property that has been pledged as collateral for a loan.
Secured Debt - A debt on which a creditor has a lien. A car loan would be an example of secured debt.
Term - The time required to repay a loan.
Unsecured Debt - A debt that is not tied to any item of property. Credit card debt is an example of unsecured debt.
About the Author
1st Finance Guide features help and advice on debt consolidation (http://debt.1stfinanceguide.com/debt) amongst other general finance (http://www.1stfinanceguide.com) matters.
This article comes with reprint rights. Feel free to reprint and distribute as you like. All that we ask is that you do not make any changes, that this resource text is include, and that the link above is intact.
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