O-R
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 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.
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
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
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.
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
an oral contract is an agreement that was made verbally
over the limit fee
fee imposed for exceeding your credit limit
fee imposed for exceeding your credit limit
payday loan
a small, short-term loan that a borrower uses to cover expenses until the next payday
a small, short-term loan that a borrower uses to cover expenses until the next payday
periodic rate
the APR in relation to a period of time, i.e. monthly periodic rate is the monthly interest rate
the APR in relation to a period of time, i.e. monthly periodic rate is the monthly interest rate
prime
the group or borrowers thought to be the the most credit-worthy and worthy of borrowing at the market interest rate
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.
the fee imposed by a creditor or lender when your payment check is returned.