NGPF Managing Credit

The interest rate a credit card user will be charged on the unpaid portion of their balance

• High Rate Method

• Credit

• Credit Bureau

• Annual Percentage Rate (APR)

A legal process that relieves debtors of the responsibility of paying their debts or protects them while they try to repay

• Credit Utilization Rate

• Credit

• High Rate Method

• Bankruptcy

Attempted recovery of a past-due credit obligation or debt by a collection department or agency

• Net Worth

• Credit Bureau

• Collections

• Debt Snowball Method

An agreement in which a borrower receives something of value now and agrees to repay the lender in the future, generally with interest

• Credit Score

• Credit

• Annual Percentage Rate (APR)

• Credit Bureau

A company that collects and sells information about how individual people manage their credit (e.g. Equifax)

• Annual Percentage Rate (APR)

• Credit Bureau

• Collections

• Credit HIstory

A certified financial advisor who works for an accredited nonprofit specializing in helping consumers repay debt in a responsible manner

• Bankruptcy

• Credit Utilization Rate

• Credit Counselor

• Default

A record of a person's use of credit over time; your credit history plays an important role in determining your credit score

• Credit Score

• Credit History

• Collections

• Credit Report

A document containing an individual's financial information focusing on payment of their credit obligations over time

• Net Worth

• Thin File

• Credit

• Credit Report

A three-digit number (ranging from 300-850) based on an individual's credit history detailed in a credit report

• Credit Score

• High Rate Method

• Bankruptcy

• Credit History

A measurement of your outstanding debt divided by your total available credit

• Bankruptcy

• Credit History

• High Rate Method

• Credit Utilization Rate