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Houston Mortgage > Glossary >
Credit Card > R 1-10
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Rate
Percentage a borrower pays for the use of money, usually expressed as an annual percentage.
Rate index
A table of yields or interest rates being paid on debt (such as Treasury notes or bank deposits) that is used to determine interest-rate changes for adjustable-rate mortgages and other variable-rate loans.
Reaffirmation agreement
An agreement by a Chapter 7 debtor to continue paying a dischargeable debt after the bankruptcy, usually to keep collateral or mortgaged property that would otherwise be subject to repossession.
Rebate card
This is a credit card that allows the customer to accumulate cash, merchandise or services based on card usage.
Receiver
An appointed or authorized official who oversees the property of the debtor. This official will either manage the property for the purpose of enforcing a lien against it or for the general distribution of the item(s) to the debtor’s creditors.
Recession
A prolonged period (popularly defined as two successive quarters) in which economic activity shrinks.
Recurring debt
Debt that occurs periodically, including such obligations as credit card payments, child support, car loans, and others that will not be paid off within a relatively short period of time (6-10 months).
Redemption
Debtors may keep exempt secured property even though they owe money on it by paying the creditor the collateral value of the property rather than the amount of the debt. Note that in some cases the "value" of the collateral may be less than the amount owed on it. In these cases it may be advantageous for the debtor to redeem the property.
Regional bank
A bank with a primary market in a regional or metropolitan area but takes deposits from throughout the state in which it is located. It is typically more expansive than a community bank, but more restrictive than a national financial institution.
Regulation Z
A rule, enforced by the Federal Reserve Board and implementing the Truth-in-Lending Act, that requires lenders to disclose all credit-related costs including the annual percentage rate.
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Houston Home Mortgage