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Important Terms That You Need to be Familiar with While Dealing with Debt

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Important Terms That You Need to be Familiar with While Dealing with Debt

Annual Percentage Rate (APR): This rate is calculated when all fees related to the loan together with the actual interest rate is included. With the help of this percentage rate, you will be able to determine the actual value of your loan. Hence, it is of great help for the borrower when it comes to comparing the borrowing expenses.

Amortization: It demonstrates the allocation of installments that you pay every month in the form of interest and principal for a stipulated time frame. The initial distribution towards the payments remains too high, however when the loan balance drops, this interest amount drop as well.

Bankruptcy: It is defined as the legal process wherein the person declares his own self as bankrupt when he is not in a position to make any further payments. His property is ceased by the court trustee and the government offers him a chance to start afresh.

Budget: The record of your expenses and income for a stipulated time frame, consider for a month or year is referred to as budget.

Credit: It is a specific amount of money which can be borrowed and paid later. However, the interest continues accumulating over the time period and by the time you make the final payment you have to pay much more than what you had borrowed.

Credit Counseling: This form of counseling helps consumers familiarize themselves with the potential hazards that are likely to come up with debt. This counseling session will help you with an efficient management program to manage your debt.

Debt consolidation: With help of debt consolidation you will be able to combine multiple bills into a single payment.

Debt Settlement: With the help of debt settlement you will be able to lower the debts if you are able to convince the creditors. Some of the other terms by which debt settlement is referred to as is credit settlement, debt arbitration and debt negotiation.

Debt Management: It is referred to as repayment program through which you can make payments for your unsecured debts in a convenient manner. In general, you can hire the services of a third party solution provider who will convince the creditors on your behalf and help you make the payments in a comfortable manner.

Fair Debt Collection Practices Act: The FDCPA act helps in safeguarding the interest of the customers. For instance, this act will prevent you from the abusive options that collectors go in to collect debt from you.

Foreclosure: It is defined as a legal procedure wherein the lender is allowed to get hold or rather own the mortgaged property in case the borrower fails to make the payment as mentioned in the agreement. This foreclosure will reflect in your credit history for seven years.

Interest: The amount that the lender charges while giving the money to the borrower is referred to as interest.

Principal: The overall loan amount, excluding the interest or capitalized fees is referred to as the principal amount.


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