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Secured Credit Cards
A line of credit that equals an amount deposited by the cardholder as collateral.
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Secured Debt Consolidation Loan
A loan backed by collateral that a borrower uses to pay off creditors by converting multiple debts into one secured debt.
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Secured Loan
An extension of money, or loan, a borrower obtains using collateral as security against repayment.
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Settlement
An agreement between a creditor and debtor on a reduced amount of debt to be repaid.
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Single-Payment Loan
A specific amount of money borrowed for a fixed period that entails one large payment at the end of the term instead of smaller monthly payments.
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Subprime Borrower
A person with a low credit score resulting from late or default payments on previous debts. Lenders label these borrowers as risky business options and charge them higher interest rates. Borrowers are often considered subprime when their credit score is less than 620.
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Subprime Mortgage
A mortgage loan issued to a homeowner with a damaged credit history and low credit score. The mortgage lender levies high interest rates that often adjust above the borrower's ability to make payments, resulting in default and foreclosure.
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Subprime
A category used to identify financial operations involving borrowers with damaged credit histories and low credit scores.
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Tax-Deductible
An expense that a taxpayer may subtract from income tax payments. Charitable contributions are an example of a tax-deductible expense.
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Teaser Rate
A low interest rate used by credit card companies to entice new customers, but the low rate exists for only a brief introductory period.
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