Credit score: There are some organisations that keep track of how good you are in making your payments and you pay your bills on time. Exmaple: Being late on you bills is bad for your credit score.
Creditor: Is the person or organisation who leands you the money.
Credit counselor: is a person who helps people with a lot of debts to fix the problem. They don't give them the money, but they help people to be organise, and came out with a plan to pay Example: I have found a good credit counselor who will help me with a plan to pay back my debt.
Debt collector: Is a person or campany who have to get you to pay your bills. And they call you, and keep calling you to reminds you to pay your bills.Example:I have debt collectors calling me at all hours of the day.
Example: Are you behind on all of those bills?
Catch up on: Is used to say that you can pay all of the bills that you haven't paid.
Example: I can catch up on all my bills next month.
Interest: Is a amount of additional money that you have to pay when you borrow money from someone else.
Example: If you borrow US$1000 from the bank at 10% interest, you have to give the bank US$1100 back to pay for the loan and the interest.
Loan: Is the money that someone gives you, a bank or a person,
Example: I went to the bank for a loan, because I need to buy a new car.
Default on: means not to make the payment that you are suppose to make. Miss one of your payments or two.
Example: My bank let me default on the loan they borrowed me.
Run up: means to spend a lot of money, or use a lot of something.
Example: I ran up my credit card.
Loan Shark: is someone who leands other ppl money, but at very high interest, and if you don't pay, thay can even use violence, or hurt you.
Example: I was so desperate at that moment that I went to see a loan shark.
Defer: To do it later than when it was an original schedule. You can also say to put it off.
Example:My creditor agreed to defer payment for a couple of months.
Raise: To give money for specific purpose, usually from different sources, you may work, you may ask somebody from another loan.
Example: I need to raise the money to pay my bills.
Pay off: to give the money back to someone who has leant you money.
Example: That will take you years to pay ff all of those bills.
Restraint: Is a when you don't do something, even dou when you can do it.
Example:A little restraint now will save you a lot of pain.
Read me later.