MoneyU Glossary of Terms


MoneyU Glossary of Terms


Browse the glossary using this index

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C

Consolidation Loan

A loan obtained in order to combine multiple debts into one, typically at a lower interest rate. (Also called Debt Consolidation.)

Consumer

Buyers or users of goods and services for personal use.

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.

Contract

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

Convenience Account

An account where the owner adds another person to his or her account solely for the purpose of signing privileges-no survivorship rights are assumed.

Conventional Loan

A mortgage loan that is not insured or guaranteed by a government agency such as the FHA (Federal Housing Administration), the VA (Veterans Administration), or the Rural Development Services (formerly known as Farmers Home Administration, or FmHA).

Cost of Living

The average cost of the basic necessities of life, such as food, shelter, and clothing; some locations, like New York and Los Angeles, have relatively high costs of living compared to the average.   It is important to take the Cost of Living into account when considering job pay in various locations.

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).

Cost/benefit analysis

Tool used to choose among alternatives involves weighing the cost of a product or service against the benefit it will provide.

Coverdell Education Savings Account

A deposit or investment account that provides tax benefits to help accumulate funds for education.

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