Debt Consolidation

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Debt Consolidation - All The Information You Need On Debt Consolidation

Debt A Glossary Of Terms


Debt Consolidation


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Bankruptcy - Having been legally declared financially insolvent. There are two types of bankruptcy - liquidation, in which your debts are cleared (discharged) and reorganization, in which you provide the court with a plan for how you intend to repay your debts.

Collateral - Property acceptable as security for a loan or other obligation.

Collection Agency - A company hired by a creditor to collect a debt that it is owed.

Contract - An agreement between two or more parties, usually written down and enforceable by law .

Cosigner - To endorse (another's signature), as a loan agreement, lease or credit application. If the primary debtor does not pay, the cosigner is fully responsible for the loan or debt.

Credit Bureau - An organization to which business firms apply for credit information on prospective customers.

Credit Report -An account of your credit history, prepared by a credit bureau. A credit report will contain credit history, such as what you owe to whom and whether you make the payments on time, as well as personal history, such as your former addresses, employment record and any lawsuits in which you have been involved.

Creditor - A person or entity (such as a bank) to whom a debt is owed.

Debtor - A person or entity (such as a bank) who owes money.

Debt to Income Ratio - Most mortgage lenders use this ratio to analyze your financial well-being. It is figured by using your monthly debt divided by your monthly income. The lower the percentage the better your financial picture. This is often referred to as credit worthiness.

Default - To fail to pay money when it is due. A default on a mortgage or loan takes place when you fail to make the loan payments on time, fail to maintain adequate insurance or violate some other provision of your agreement with the mortgage / loan company.

Discharge (of debts) - A court's writing of off the debts of a person or business that has filed for bankruptcy.

Dischargeable Debts - Debts that can be erased by going through bankruptcy.

Down Payment - A cash payment made by a buyer when they purchase a property.

Equity - An increase in the value of your home or decrease in the loan amount on your home creates equity. Equity is the difference between what is owed on your home and the sale value. Most home equity lenders will allow you to borrow up to 80% of that value.

Fair Isaac and Company - Fair Isaac is the company responsible for creating the popular FICO score. This three digit score is created using information from your credit report and ranges from 300-850.

Foreclosure - The forced sale of property to pay off a loan on which the owner of the property has defaulted.

Garnishment - A court order directing a third party who holds money or property belonging to a defendant to withhold it and appear in court to answer inquiries.

Grace Period - A period of time during which you are not required to make payments on a debt.

Guarantor - A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform.

Interest - A commission you pay a bank or other creditor for lending you money or extending you credit. Usually calculated as a percentage of the mortgage or loan.

Lien - The right to take and hold or sell the property of a debtor as security or payment for a debt or duty.

Loan Consolidation - The combining of a number of loans into a single new loan. Usually done to gain more favourable terms e.g. lower cost repayments or longer time to pay.

Principal - A sum of money owed as a debt, upon which interest is calculated. If you purchased an item for $100 on your credit card that would be the principal balance.

Repossession - A creditor's taking of property that has been pledged as collateral for a loan.

Secured Debt - A debt on which a creditor has a lien. A car loan would be an example of secured debt.

Term - The time required to repay a loan.

Unsecured Debt - A debt that is not tied to any item of property. Credit card debt is an example of unsecured debt.

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1st Finance Guide features help and advice on debt consolidation amongst other general finance matters.

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Getting A Better Consolidation Loan Secured

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If you're looking for the best way to reduce the number of payments you have to make each month, you might want to consider a consolidation loan secured.By getting a consolidation loan secured, you can combine other loans, bills, or debts into a single monthly payment while getting a low interest rate by securing the loan with some form of collateral such as an automobile or real estate holding.When considering combining loans or other debts with a consolidation loan secured, there are several items that should be taken into consideration in order to get the best loan rates? things such as the type of consolidation, the type of collateral, and the amount of the loan in relation to the collateral value will all be weighed in with yo...(related: Debt Consolidation)


Getting A Debt Consolidation Loan With Bad Credit

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If you've ever tried to get a debt consolidation loan with bad credit, then you know that it isn't always easy. It ...(related: Debt Consolidation)


Consolidating Your Government Student Loans

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A Consolidation Loan allows you to combine your federal student loans into a single loan with one monthly payment, which can be significantly lower than the payment required under the standard 10-year repayment option. Under the Federal Family Education Loan (FFEL) Program, banks, secondary markets, credit unions, and other lenders provide the Consolidation Loans. Under the William D. Ford Federal Direct Loan (Direct Loan) Program, the federal government provides the loansMost federal education loans are eligible for consolidation, including subsidized and unsubsidized Direct and FFEL Stafford Loans, SLS, Federal Perkins Loans, Federal Nursing Loans, and Health Education Assistance Loans. Private education loans are not eligible. PLUS Loan borrowers (parent borrowers) also can consolidate t...(related: Debt Consolidation)


Reducing Debt Through Lower Interest Loans

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It happens to the majority of us, credit card debt accumulates and before we quite realize it, we are carrying a debt load that is far beyond our means. When this happens, we need to take immediate positive steps to knock down the debt as quickly as possible. One of the most efficient ways to do this is to reduce the amount of interest we pay by shopping around for a better rate and having our balances transferred over. By doing this, we pay more towards the principal, thereby reducing the duration of the loan and saving ourselves potentially thousands of dollars ...(related: Debt Consolidation)


Credit Counseling - Congress Offers No Details In New Law

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The recently passed Bankruptcy Abuse and Consumer Protection Act was hailed as a breakthrough in bankruptcy law. Passed with bipartisan support in Congre...(related: Debt Consolidation)


Debt Consolidation Primer - Four Things You Can Do To Get Out Of Debt

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Problem debt is rampant throughout America. In addition to mortgages and auto loans, the average household in the U.S. has nearly $10,000 in credit card debt. As the major credit card companies have recently doubled their minimum payment requirements, now is a good time to outline the various options available to most consumers who have more debt than they can handle.
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    Debt Elimination 4

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    Debt Consolidation Confusion

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    A secured debt is a debt in which the creditor maintains a security interest in an item or piece of personal property such as a house or an automobile. With secured debts, if you fall behind on payments, the lender can repossess the property that originally secured the debt. An additional drawback to secured debt is the fact that you may remain liable for the deficiency balance owing on the debt after your property has been repossessed and sold.However, the l...(related: Debt Consolidation)

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