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Key Terms Relateds to Budgeting and Planning
Violation of your terms and conditions agreement; … moreViolation of your terms and conditions agreement; failure to pay your loan / credit card as agreed.
The time during which you can pay your monthly cre … moreThe time during which you can pay your monthly credit card bill before interest begins to accrue. The Grace Period generally lasts for 20-30 days after your bill is assessed. Not all credit cards offer a Grace Period, and none do when you are revolving a balance, in which case purchases begin to incur interest immediately.
Be wary of credit cards that do not have a grace period (i.e. 0 days) because even if you pay your bill in full every month, you will accrue interest charges every day that you have a balance on the card.
Only purchases have a grace period. Cash Advances and Balance Transfers do not have a grace period and interest charges therefore get assessed immediately.
Be wary of credit cards that do not have a grace period (i.e. 0 days) because even if you pay your bill in full every month, you will accrue interest charges every day that you have a balance on the card.
Only purchases have a grace period. Cash Advances and Balance Transfers do not have a grace period and interest charges therefore get assessed immediately.
Having borrowed more than one can afford to repay. … moreHaving borrowed more than one can afford to repay.
This term is used primarily in the context of business to describe a company that can no longer pay the interest on what it owes, but it can apply to personal finance as well. Consumers are said to be overleveraging themselves when they are using credit and/or loans to spend more than they bring in each month.
This term is used primarily in the context of business to describe a company that can no longer pay the interest on what it owes, but it can apply to personal finance as well. Consumers are said to be overleveraging themselves when they are using credit and/or loans to spend more than they bring in each month.
Also known as a "rainy day fund," an emergency fun … moreAlso known as a "rainy day fund," an emergency fund is money set aside as a type of financial safety net in case unexpected expenses or some other hardship occurs.
In addition to the one-time overdraft fee that ban … moreIn addition to the one-time overdraft fee that banks charge when a customer withdraws more money than his checking account holds, many banks also charge extended overdraft fees -- also known as negative account balance fees. This fee is assessed on a periodic basis (i.e. $5 every 2 days), though the timing of it first being charged varies from bank to bank. For example, some banks first impose the fee after the account has been overdrawn for five days.. It's therefore a good idea to check your account's Fee Schedule to determine how your bank handles extended overdrafts.
An overdraft occurs when a bank customer makes an … moreAn overdraft occurs when a bank customer makes an ATM withdrawal, a debit purchase, or an electronic payment (automated payments are included), or writes a check for an amount that is greater than what the checking account holds. If the bank chooses to honor the payment even though the account lacks sufficient funds, an overdraft fee is charged to the account holder. This fee varies, depending on the terms of the checking account, but is typically in the range of $25 to $35. Many banks offer several types of overdraft protection to help avoid this fee.
A three-part test that courts use to determine whe … moreA three-part test that courts use to determine whether a debtor deserves to have his or her student loans discharged in bankruptcy on the basis that repayment would impose an â??undue hardshipâ?? on the debtor and his or her dependents.