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Glossary of Debt Terms Cash-Out Refinancing: Cash-out refinancing is the act of taking out a new mortgage that exceeds the existing balance on a current mortgage with the intention of refinancing the original mortgage and receiving cash back. Credit Report: A credit report is a financial report that contains detailed information about an individual’s credit history. Credit Score: The term credit score is used to describe the three-digit number between 500 and 850 that appears on credit reports. In essence, this number represents an estimate of an individual's financial creditworthiness. Debt: A debt is an obligation to pay or render something (usually money) to someone else. Debt Consolidation: Debt consolidation entails taking out one loan to pay off several other loans and/or accounts. Debt Consolidation Scam: A debt consolidation scam is a form of fraud perpetrated by an illegitimate debt consolidation service. Debt Negotiation: Debt negotiation is the act of negotiating with creditors to get them to lower interest rates and debt amounts. Debt Restructuring: Debt restructuring is a method used by individuals or organizations to alter the terms of debt agreements and obligations in hopes of achieving some sort of financial advantage. Debt Settlement: Debt settlement occurs when a creditor agrees to settle for a dollar amount that is lower than the actual amount owed. Home Equity Loan: A home equity loan allows you to borrow money and use your home’s equity as collateral. Secured Loan: A secured loan requires the borrower to pledge some from of collateral against the loan. Unsecured Loan: An unsecured loan does not require the borrower to pledge any collateral against the loan. The lender relies solely on the borrower’s promise to repay Our Our Recommended Debt Consolidators:
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| Debt Consolidation Guide | |
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- Avoiding Debt Consolidation Scams - Consolidation Loan Options - Do You Qualify For a Debt Consolidation Loan? - Consolidate Debt Fast With a Home Equity Loan -Getting An Unsecured Loan To Consolidate Debt - Online Debt Consolidation - Debt Management Tips - 3 Signs Your Need Debt Help - Debt Counseling Services - Monitor Your Credit...Free! - Can Debt Restructuring Help You? - Get Rid of Debt Forever - The Dangers of Credit Card Debt - Bad Debt Solutions - Get Out of Debt Now - Debt Advice For HomeOwners - Debt Relief Made Easy - Credit Card Debt Consolidation in 3 Easy Steps - Non-Profit/For Profit Debt Services - Credit/Debt Negotiation - Reduce Debt With a Debt Settlement - Make Debt Reduction Work for You - Unfair Debt Practices - Is a Debt Collector Hassling You? - Checking Your Credit Report For Mistakes - Can You Dispute Bad Credit Report Charges? - 3 Ways To Avoid Bankruptcy - Debt Solutions For People With Bad Credit - Bad Credit Debt Consolidation - Secured VS. Unsecured Loans - Improve Your Credit Fast - Debt Relief Services - Home Equity Lenders - Choosing a Debt Counseling Service - Debt Consolidation Services
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