Glossary of Terms

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The total amount of money owed. It includes any unpaid balance from the previous month, new purchases, cash advances, and any charges such as an annual fee, late fee or interest. The balance should not be confused with the monthly payment (the minimum payment allowed each month), which is generally 2% - 5% for revolving credit cards.

Balance Transfer

Moving a balance (debt) from one credit card to another. This is often done with special checks or forms, or may be offered as an option on some credit card applications. The usual reason for a balance transfer is to shift an ongoing debt to an account with a lower interest rate.

Balloon Payment

A large extra payment that may be charged at the end of a loan or lease.

Bankruptcy Discharged

A court order terminating bankruptcy proceedings on old debts.

Bankruptcy Dismissed

A court order that denied one's bankruptcy petition making the debtor still liable for all debt.

B C Loans

The credit industry term used to describe loans that reflect less than the best possible interest rate, terms and conditions. consumers with negative or derogatory credit may be offered "B" or "C" loans. These loans always impose a higher interest rate and fees.

Bill

Each billing cycle (usually once per month) your card issuer will send you a bill. The bill will detail the activity on your account for that billing cycle. The reverse side of your bill usually describes some of the basic terms of your card agreement, including how the interest is calculated and where to call with questions. See your card agreement for complete information on the terms.

Billing Cycle

The number of days between statement dates. This is generally about 25 days.

Borrower

A person or entity using someone else's money or funds to purchase something. May be used interchangeably with the term debtor.

Budget

A financial plan for saving and spending money. An itemized list of all expenses. Budgets are tools commonly used to measure or gauge expenses against income.

Budget Cards

Budget cards work like a credit card, except for the credit limit. You agree with the issuer to pay a set amount each month by direct debit. The credit limit is a multiple of the pre-set amount you have agreed.

Budget Insurance

Lenders may insist that you take out this cover. It protects you and the lender in case the building falls down or is fundamentally damaged. Most lenders will offer this as part of the mortgage, but you are not required to take it from them.

Buy Down

A lump sum payment made to the creditor by the borrower or by a third party to reduce the amount of some or all of the consumer's periodic payments to repay the indebtedness.

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Glossary of Terms

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