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Houston Mortgage > Glossary >
Debt Management > A 1-10
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Adjusted balance
A method used by some card issuers in which they subtract all payments made during the month, then add the finance charges.
Affirmation
1. A substitute for a legal oath, used by people who object to making oaths. 2. A debtor's agreement to continue paying certain dischargable debts after bankruptcy.
Annual fee
A bank charge for use of a credit card levied each year, which can range from $15 to $300, billed directly to the customer''s monthly statement. Many credit cards come without an annual fee.
APR
Annual Percentage Rate. A yearly rate of interest that includes fees and costs paid to acquire the loan. Lenders are required by law to disclose the APR. The rate is calculated in a standard way, taking the average compound interest rate over the term of the loan, so borrowers can compare loans.
Arbitration
A dispute-resolution method in which an impartial third party, agreed upon by all sides beforehand, makes a decision.
Asset case
A bankruptcy proceeding in which there are non-exempt assets that might be available to pay the claims of creditors.
Assets
Personal possessions of value, including cash, real estate and investments.
Authorized user
Any person to whom you give permission to use a credit card account.
Automatic stay
An injunction that stops lawsuits, foreclosure, garnishments and all collection activity against the debtor the moment a bankruptcy petition is filed.
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