1. Money
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Learn the key terms involved with credit and debt management. This glossary contains definitions and miniature lessons on the basic and advanced aspects of credit and debt management.

Prime Rate
The prime rate is the interest rate that banks give to their most creditworthy customers.

The Office of Thrift Supervision
The Office of Thrift Supervision regulates federal savings banks, federal savings and loans, savings and loans holding companies, and certain state-chartered institutions.

open-ended account
an open-ended account is an account that has a varying, revolving balance

revolving credit
Credit that can be used repeatedly up to a certain limit as long as payments are made

promissory note
A promissory note is a written contract that includes a specific promise to pay.

oral agreement
an oral contract is an agreement that was made verbally

over the limit fee
fee imposed for exceeding your credit limit

payday loan
A payday loan is a very short-term loan that you can get usually without a credit check as long as you have a checking account. Payday loans are expensive and risky.

periodic rate
The periodic rate is another way the annual percentage rate can be expressed. For example, the periodic rate could be expressed as a monthly or daily rate on your APR.

the group or borrowers thought to be the the most credit-worthy and worthy of borrowing at the market interest rate

return check fee
the fee imposed by a creditor or lender when your payment check is returned.

payment due date
Your payment due date for credit card or loan is the date on which payment is due. For credit cards, the payment must be received by 5 pm on the due date or you’ll face late payment penalties.

overdraft protection
Overdraft protection is a feature offered by banks to keep your checking account from overdrafting when you write a check or swipe your debit card but don't have enough money in your checking account to cover the balance.

past due
When your account is past due, that means your account didn't have a payment applied as of your last due date. There are several negative consequences of being past due.

payment grace period
A payment grace period is the amount of time from your due date that you can make a payment without receiving a late fee. Payment grace periods usually apply to loans and not credit cards.

public record
Part of your credit report lists public records. These entries have the worst effect on your credit score.

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