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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
Bankruptcy discharge
BNPL (Buy Now Pay Later)
Cashback
Compound interest
Contactless
Credit card number
Credit
Credit limit
Credit score
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