Financial Glossary: Understand Common Debt Terms
Explore plain-English definitions of common debt relief, bankruptcy, credit counseling, and loan management terminology to make informed financial decisions.
By Loretta Kilday • Reviewed by the DebtCC Editorial Team
Debt Relief Specialist & Spokesperson
KEY TAKEAWAYS
- Navigating financial terms is essential for making informed decisions about debt relief, credit repair, and personal finance.
- Core glossary terms range from bankruptcy definitions to APR calculation methodologies.
- Interactive tabs from A to Z allow you to quickly filter definitions.
- Clicking any term displays its definition in detail to aid in fast browsing.
Understanding personal finance and debt management requires mastering their vocabulary. This comprehensive financial glossary defines core terminology, laws, and bankruptcy chapters in plain English, helping you navigate your options with confidence.
Browse Glossary Terms
Frequently Searched Terms
Annual Percentage Rate (APR)
The yearly interest rate charged on borrowed money, expressed as a percentage.
Amortization
The process of gradually paying off a debt over time through regular payments.
Bankruptcy
A legal process for individuals or businesses that are unable to repay outstanding debts.
Credit Counseling
A service that helps consumers manage their debt and improve their financial situation.
Debt Consolidation
Combining multiple debts into a single loan or payment to simplify repayment.
Debt Settlement
Negotiating with creditors to pay a lump sum that is less than the full amount owed.
Debt Management
A strategy or plan to help a debtor repay or manage their debts.
Fair Debt Collection Practices Act (FDCPA)
A federal law that limits the behavior and actions of third-party debt collectors.
Foreclosure
The legal process by which a lender takes control of a property from a borrower who has defaulted on their loan.
Interest
The cost of borrowing money, usually expressed as a percentage of the amount borrowed.
Resources & Guidelines
Loretta Kilday
Debt Relief Specialist & Spokesperson, DebtCC
Loretta Kilday, Esq., is an accomplished litigator and transactional attorney with more than 30 years of experience across debt collection, bankruptcy, and related matters. DebtConsolidationCare features her as its spokesperson and public voice. She has also trained and mentored junior attorneys and associates. She earned her J.D. from DePaul University College of Law and a B.S. in Finance from DePaul University.
- Loretta Kilday