Dave Ramsey Debt

Front

A yearly fee that's charged by the credit card company for the convenience of the credit card

Back

Annual Fee

Front

Cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan.

Back

Annual Percentage Rate (APR)

Front

variable-rate mortgage; mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.

Back

ARM

Front

a mortgage in which the entire remaining balance of the loan is due in one single payment

Back

Balloon Mortgage

Front

An arrangement to receive cash, goods, or services now and pay for them in the future.

Back

credit

Front

A plastic card used to make purchases now and pay for them later.

Back

credit card

Front

The maximum dollar amount that can be borrowed

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credit limit

Front

A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder

Back

debit card

Front

The act of combining all debts into one monthly payment, typically extending the terms and the length of time required to repay the debt.

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debt consolidation

Front

a list of all debts organized from smallest to largest balance; minimum payments are made to all debts except for the smallest, which is attacked with the largest possible payments

Back

debt Snowball