MoneyU Glossary of Terms

MoneyU Glossary of Terms

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Credit Union

A not-for-profit financial institution that is owned by its members. Credit unions offer many of the same services as banks at lower costs. They may also pay higher interest on deposits. To open an account at a credit union, you must qualify for membership.

Credit Union Account

Credit union accounts are similar to those at banks, but have different names. Credit union members have share draft (rather than checking) accounts, share (rather than savings) accounts, and share certificate (rather than certificate of deposit) accounts.


A measure of oneÔÇÖs ability and willingness to repay a loan; qualified to have credit.

Creeping Indebtedness

The gradual rising of debt.


Daily Periodic Rate

The daily periodic rate is your annual interest rate expressed on a daily basis. It equals 1/365th of your annual percentage rate.

Death Certificate

A legal document produced by the states showing that a person has died. It is used to obtain proceeds from life insurance policies and to show the probate court that the probate process should begin.

Debit Card

This card allows you to deduct the amount of your purchase directly from your checking account for payment to the merchant.


A liability or obligation in the form of bonds, loan notes, or mortgages, owed to another person or persons and required to be paid by a specific date.

Debt Consolidation

The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. (Also called Consolidation Loan.)

Debt Manager

Someone that restructures your current debt with your existing creditors. You don't loan money from them (or anyone else) and you still owe all of the same creditors. However, the Debt Manager can help change the terms and conditions that apply to your current debt. The Debt Manager then consolidates your debts into one monthly payment. You pay the Debt Manager and the Debt Manager sends your payments to your creditors for you each month.

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