This is a legal proceeding in America’s Federal Court which in entered into by a borrower. This is often someone who is not able to pay back his debts which allows for them to negotiate some form of partial payment or the selling of a borrower’s assets. Bankruptcy information will stay on the credit history of a person for up to a decade.
This refers to a source of cash which can be taken in the case of emergencies. This is for people who are employed but may not have access to other sources of credit. This is meant to bridge the financial gap in between now and the next pay day. The interest is charged from the date it is advanced.
This is a credit card debt or loan which is written off as being uncollectible from a borrower. This at times is the case when the loan has been sold or given the debt to some collection agency. This debt remains collectable.
An organization that works to compile the credit histories of would be borrowers and also provides these reports to lenders. These reports are used by lenders for making decisions. Experian, TransUnion and Equifax are the largest credit reporting agencies in America.
This is also often referred to personal line of credit and is the maximum amount a person can get against his or her account. Once the credit line has been repaid the person can then re-borrow against this account.
This refers to a strategy which is at times used by people to improve their debt management issues. Instead of opting to pay several bills every month a consumer will just pay his debt with one bill to one financial institution.
Often referred to as an electronic signature this requires a software which binds your signature or some other mark to a document. The E-sign bill was passed by the government in June 2000 which legalizes this signature.
Usually a federal agency which insures a consumer’s deposit in their savings and for a loan of up to $100,000 for every account. These deposits will include savings and checking accounts and also deposit certificates.
This is a federal law which mostly requires lenders to be able to disclose to their borrowers the actual cost of the loan. This will include the actual interest rate as well as the terms and conditions of this loan in an easy to understand fashion.