Click on a topic below to expand its list of vocabulary and associated terminology,
Balance – the amount of money you owe on your debt
Example: Debt of $100 and you repay $10 – balance is $90
Debt/Debts – money you owe someone
Debt Management – a plan to pay back your debt
Interest – extra money you pay when you repay a debt
Example: 4%, $100 loan. Payment $100 for the loan and $4 for the 4% interest = $104
Minimum Payment – the smallest amount you must pay on a debt to not pay extra fees
Mortgage – a loan for a house
Payday Loan – a high cost loan that must be repaid from your next paycheck
Student Loan – a loan to pay for education
ACH (Automated Clearing House) – A network of computers that coordinate electronic payments or money transfers. In simple terms, this is the group of computers that track who gets paid and who is sending money.
App – An application or program that is downloaded to a phone or computer
ATM (Automated Teller Machine) – A machine that dispenses cash or performs other banking services using a debit/ATM card or a credit card
E-Payments (Electronic Payments) – Are made when goods or services are paid for using the internet instead of cash or a check
One-Time Payment – A single payment
P2P Payments (Peer-to-Peer Payments) – Payment programs in apps or websites and allow you to send money to people using the internet quickly and often for free
Recurring Payment – A payment that happens automatically at regular intervals
