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Debt Glossary for alphabet "D"

  • Debt consolidation:
    It helps the debtor in merging all his unsecured loans and bills into one monthly payment. The debt consolidation loan has longer repayment tenure but lower interest rate.
  • Debit card (EFT Card):
    It is a plastic card that allows the customer to withdraw money or make purchases against his/her bank. However, unlike credit card users, one needs to have money in the account for using debit card.
  • Debt-to-Income Ratio:
    It expresses the monthly debt payment as a proportion of gross monthly income. It reflects an individual’s indebtedness.
  • Deed:
    It is a legal document that acts as proof of a property transfer between two parties. It records the description of the property, its price and also contains the signatures of the parties involved in the transaction.
  • Deed of Trust:
    In some states, mortgage is known as deed of trust. The title remains with the third party till the owner repays the debt in full.
  • Default:
    The debtor is said to be in default when he/she fails to meet his/her obligation to pay the debt.
  • Deferred interest:
    It occurs when the monthly payment isn’t enough to cover the interest on the loan. The unpaid interest gets accumulated and eventually gets added to the original balance. This is known as negative amortization.
  • Delinquency:
    It occurs when the borrower misses payments within the repayment period stated in the loan agreement.
  • Disclosures:
    These are documents through which the details of financial transactions are revealed to the customer.
  • Discount points:
    It is the additional amount paid to the lender by the borrower to lower the interest rate on the mortgage. Discount points are specifically associated with government-backed loans such as FHA and VA. One discount point equals one percent of the loan amount.
  • Document preparation fee:
    It is charged by company or the lender to prepare the paperwork for loan closing.
  • Due-on-sale clause:
    It allows the lender to claim immediate full payment on a mortgage or deed of trust when the ownership of the property changes.

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Old 06-21-2005, 01:10 AM
roxette roxette is offline
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Default Debt Glossary for alphabet "D"
Hi

I hope the above terms will give you an idea about debt related issues. If you come across any other term, feel free to share it.

Regards,
Roxette.

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