MoneyU Glossary of Terms


MoneyU Glossary of Terms


Browse the glossary using this index

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S

Scarcity

An economic condition created by an excess of human wants over the resources necessary to sat┬¡isfy them; an inability to satisfy all of everyoneÔÇÖs wants.

Secured Card

A credit card that is guaranteed by a cash deposit held in a special savings account or certificate of deposit. The deposit must remain in the account until the credit line is closed or the issuer decides security is no longer necessary. The credit line on the card is usually equal to the amount of the deposit. If the Cardmember defaults on the card, the issuer will apply the deposit toward the outstanding balance.

Secured Debt

Debt for which repayment is guaranteed through collateral property of equal or greater value than the amount of the loan. If you do not repay the loan, the issuer may take possession of the collateral. Collateral may be an asset such as a car or a home or, in the case of a secured credit card, a cash deposit held by the issuer. For example, a mortgage is a secured debt in which the home is collateral. If the person fails to repay the loan, the bank may take the home as payment.

Security

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 Collateral.)

Semi-Annually

Twice a year.

SET Protocol

Secure Electronic Transaction protocol, an encryption technology designed to allow secure electronic transactions between card issuers, merchants and consumers. Unsecured information sent over the Internet can be intercepted. When making purchases online, you should consider a secure browser that complies with industry standards, such as secure sockets layer (SSL) or secure hypertext transfer protocol (S-HTTP). These often are included with Internet connection services.

Settlor

Same as grantor.

Share Purchase Plans

An arrangement in which you can buy stock directly from a corporation, usually at a lower cost and for lower amounts than through a brokerage firm. If the stock pays a dividend, reinvestment is offered. This is similar to a DRIP, but this arrangement allows you to buy your first share directly.

Shipping and Handling

The costs of processing and transporting a product to a customer.

Signs of Trouble

Situations or events that suggest you may be having financial difficulty. For example, a sign of trouble could be that you use your credit card to pay for groceries because you have no money in your checking or savings account. Other signs of trouble include paying only the minimum due on your credit cards, using one credit card to pay the monthly minimum on another card and routinely having "maxed out" credit cards.

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