MoneyU Glossary of Terms

MoneyU Glossary of Terms

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Billing Cycle

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

Cash Advance

A cash loan taken out on a credit card. Interest for cash advances is usually higher than it is for purchases, a transaction fee may apply, and the grace period may be waived.

Charge Card

A charge card requires you to pay your bill in full each month, but charges no interest. The user pays an annual fee.


To sign a credit agreement with someone and agree to share the debt with that person, or assume the debt if the other person defaults, or doesn't pay.


A parent (or any person over 18 years old) who agrees to share credit responsibilities with you and pay debts.


Savings, bonds, insurance policies, jewelry, property or other items that are pledged to pay off a loan or other debt if payments are not made according to the agreement. (Also called Security.)

Collection Agency

If you fail to pay a credit or charge card bill, the card issuer may send your overdue bill to a collection agency, a company that attempts to obtain payment from you. If this happens, your account may be listed as a "collection account" on your credit report. If you do not pay your bill and your card issuer has to go to a collection agency to attempt to obtain payment from you, you may be liable for the cost of the collection agency's services. Check your cardholder agreement to see if your card includes this potential fee.

Consumer Protection Act

A revision of bankruptcy law intended to make the system fairer for creditors and debtors and make affordable credit available to more people.


Legally enforceable written or oral agreement between two or more parties to do or not do something.

Cost of Living Index

An inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food, and transportation. A rise in the cost of living reflects the rate of inflation. The cost-of-living index is published monthly. Also called Consumer Price Index (CPI).

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