When dealing with credit, there are a multitude of terms that you should understand. These terms are used frequently when dealing with credit and will help you better comprehend exactly what is involved in your credit. Read through this credit terminology guide and educate yourself on the world of credit.
Adjusted Balance Adjusted Balance is a method of calculating your credit balance and Annual Percentage Rate (APR) where payments and/or credits made during the billing cycle are subtracted from your balance at the end of the previous billing cycle. This method is more advantageous to borrowers and credit card holders. Unlike Average Daily Balance calculations, new purchases during that billing cycle are not included in Adjusted Balance calculations, and interest is only applied to the balance remaining after payments are credited to your account.
Amortization Amortization is a payment plan that allows the borrower to reduce his/her debt through monthly payments of principal.
Annual Percentage Rate (APR) – APR is the yearly rate lenders charge borrowers to borrow money (also called the cost of credit). Lenders must divulge the APR they are charging...
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