Debt Dictionary
Federal Reserve System (The Fed)
The central bank of the United States, often referred to as the Fed, conducts monetary policy through regulation in the supply of money.
Filer
A person who filed for bankruptcy.
Finance Company
A business that specializes in lending financial commodities to individuals, often with bad credit or no credit, and does not take deposits like a commercial bank.
Financial Institution
A company or enterprise that performs financial tasks, such as holding deposits, issuing loans or investing in securities, for consumers, businesses or the federal government.
First Mortgage
The initial loan on a property that has precedence over all other debts on the property.
Fixed Rate
A predetermined percentage of interest applied to the principal on an extension of credit.
For-profit Company
A debt-relief agency that does not receive subsidies or compensation from credit card companies to help customers relieve debt problems.
Foreclosure
The procedure that occurs when a mortgage lender gains ownership of a property after the homeowner failed to make proper payments.
Good Debts
An investment that generates value, such as a mortgage or student loan.
HELOC
Acronym for home equity line of credit.
The central bank of the United States, often referred to as the Fed, conducts monetary policy through regulation in the supply of money.
Filer
A person who filed for bankruptcy.
Finance Company
A business that specializes in lending financial commodities to individuals, often with bad credit or no credit, and does not take deposits like a commercial bank.
Financial Institution
A company or enterprise that performs financial tasks, such as holding deposits, issuing loans or investing in securities, for consumers, businesses or the federal government.
First Mortgage
The initial loan on a property that has precedence over all other debts on the property.
Fixed Rate
A predetermined percentage of interest applied to the principal on an extension of credit.
For-profit Company
A debt-relief agency that does not receive subsidies or compensation from credit card companies to help customers relieve debt problems.
Foreclosure
The procedure that occurs when a mortgage lender gains ownership of a property after the homeowner failed to make proper payments.
Good Debts
An investment that generates value, such as a mortgage or student loan.
HELOC
Acronym for home equity line of credit.
