Credit Card
A credit card system is a type of retail transaction settlement and credit system, named after the small plastic card issued to users of the system. Contrary to debit card, the credit card issuer lends the consumer money rather than having the money removed from an account. It is also different from a charge card in that charge cards do not extend the user credit.
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Personal Finance
Personal finance is the application of the principles of financial economics to an individual's (or a family's) financial decisions. It is a detailed analysis of financial flows at various points in time. For example, employment income, college tuition fees, mortgage payments, interest earned, insurance premiums, and numerous other financial flows are recurring events that repeat at monthly or yearly intervals.
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Loan
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower. The borrower initially receives an amount of money from the lender, which they pay back, usually but not always in regular installments, to the lender. This service is generally provided at a cost, referred to as interest on the debt.
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Debt Consolidation
Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan. Debt consolidation often involves a secured loan against an asset that serves as collateral, which is most commonly a house.
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Credit Repair
Credit repair is often applied to the practice of improving or rehabilitating one's financial reputation among creditors. Typical credit repairs involve taking arrangements with the creditors to repay the debt. Creditors may accept slow payment schedules or a less-than-full repayment, as an alternative to writing off the debt.
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Debt
Debt is that which is owed. A person who owes debt is called a debtor. A person to whom it's owed is called a creditor. Debt is used to borrow purchasing power from the future. There are numerous types of debt obligations such as loans, bonds, and mortgages.
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Mortgage
A mortgage is a device used to create a lien on real estate by contract. It is used as a method by which individuals or businesses can buy residential or commercial property without paying the full value upfront. The mortgagor (borrower) uses a mortgage to pledge real property to the mortgagee (lender) as security against the debt for the rest of the value of the property.
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Insurance
Insurance is a form of risk management primarily used to hedge against the risk of potential financial loss. It is the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a reasonable fee.
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Business Finance
Business Finance is the task of providing the funds for the corporations' activities. It generally involves balancing risk and profitability. Long term funds would be provided by equity and long-term credit, often in form of bonds. These decisions lead to the company's capital structure. Short term funding or working capital is mostly provided by banks as line of credit.
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