The amount of money an individual person owes

a long term rental agreement on a car

Is given to borrowers based on their financial resources or ability to repay the loan

ARM

The process of a lender taking something back (like a car) for failure to make payments

Private mortgage insurance

A legal procedure for dealing with debt when an individual or business cannot repay what they owe

The amount a country owes

When a homeowner borrows against the equity in their home and obtains monthly, tax-free payments from the lender.

A court ordered attachment that allows a lender to take monies owed directly from a borrower's paycheck.

A fee when a down payment on a house is less than 20%

Process by which the holder of a mortgage sells the property of a homeowner who has not made interest and/or principle payments on time as stipulated in the mortgage contract.

FICO

Broadly refers to a borrower not being current on his/her payments

An agency the researches and collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans

How long individual account information stays on your credit report

How long bankruptcy stays on your credit report

This is credit that you use to borrow money and promise to repay in equal amounts over a period of time

To owe more on a loan than the object is worth