Credit

A legal proceeding carried out to allow individuals or businesses freedom from their debts, while simultaneously providing creditors an opportunity for repayment

• Bankruptcy

• Trial

• Summons

• Money Divorce

The consequences of not paying taxes may be:

• Garnish wages

• Property seizure (they take it)

• Bank account seizure (they take it)

• All of the above

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

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 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