Glossary of Terms

Here we cover all the jargon that nobody teaches us about.
Inside each you'll find a simple, easy-to-understand definition

AIR (Assumed interest rate)

ATR (Ability to repay)

APY (Annual percentage yield)

COB (Close of business)

PIN (Personal identification number)

DTI (Debt to-income)

Zero balance

Withdrawal

Void transaction

Unsecured debt

Transactor

Transfer fee

Thin file

Student loan

Straight through processing

Settlement

Rewards card

Revolver

Refinance

Phantom debt

Payment protection plan

Over limit

Mortgage

Monthly statement

Minimum monthly payment

Low interest

Late payment fee

Introductory offer

Issuer

Issuer processor

Installment loan

Interest

Interest fee

Hyper-inflation

High interest

Good debt

Fraudulent transaction

Direct debit

Debt snowball

Debt consolidation

Debt avalanche

Debtor

Accrued Interest

Annual fee

APR (Annual Percentage Rate)

Available credit

Basis point

Bad debt

Balance transfer

Cashback

BNPL (Buy Now Pay Later)

Credit limit

Bankruptcy discharge

Credit

Compound interest

Contactless

Credit card number

Credit score

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