Glossary of Personal Financial Terms. Amortization – the payment period of time of a loan or financial obligation / the true period of time over that you can repay the mortgage or debt.

Glossary of Personal Financial Terms. Amortization – the payment period of time of a loan or financial obligation / the true period of time over that you can repay the mortgage or debt.

APR – apr – a standard calculation by loan providers to demonstrate just exactly what the attention price and fees take a credit item ( e.g. loan, bank card, etc.); enables borrowers to compare loan that is different.

Arrears – days gone by amount owing that is due.

Assets – things you have, even though you nevertheless owe money against them.

Bankruptcy – a process that is legal under the Bankruptcy and Insolvency Act. This method relieves consumers of all debts and appropriate proceedings by creditors will minimize. To learn more about bankruptcy alternatives and solutions, click the link.

Beacon / FICO rating – this is basically the credit rating that creditors have a look at when determining your credit history. It varies from 300 – 900 points and incorporates many different factors regarding your economic behavior. Read More