MoneyU Glossary of Terms


MoneyU Glossary of Terms


Browse the glossary using this index

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B

Balance Calculation Method

Balance Calculation Method is the method used by a credit card issuer to calculate the balance owed and the interest due each month.

Balance Transfer

Transferring balances from one credit card to another, usually to take advantage of a lower interest rate. Transfers are limited to the available credit on the receiving card.

Balance/Amount Owed

The total amount you owe the issuer including any unpaid balance from last month, new purchases, cash advances, and any other charges such as an annual fee, late fees or finance charges. The "Amount I Owe" should not be confused with the minimum amount due (the minimum payment allowed each month).

Balloon Rate

An oversized payment due at the end of a mortgage, commercial loan or other amortized loan.

Bank

A state or federally chartered for-profit financial institution that offers commercial and consumer loans and other financial services.

Banked

To have an account in a financial institution.

Bankruptcy

Legal process for selling most of the debtorÔÇÖs property to help satisfy debts that canÔÇÖt be repaid, in exchange for (a) relieving debtors of the responsibility of paying their financial obligations or (b) protecting them while a plan is created and they try to repay debts. Two types of bankruptcy apply to consumers -┬á Chapter 7 and Chapter 13. Once a bankruptcy has been filed, foreclosures, garnishments, repossessions, utility cut-offs and debt collection activities are automatically stayed.

Bartering

To exchange goods or services in return for other goods or services; i.e., without an exchange of money.

Beneficiary

The person who receives the benefits or gifts from an estate, insurance policy, IRA, pension plan, or trust.

Billing Cycle

The time between your last bill and your current bill; usually 28 to 31 days.

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