Financial Term Index: D

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Debt Consolidation

Debt consolidation is a scenario when a borrower takes out a personal loan and uses the amount to pay off other debts such as outstanding

Debt Consolidation Service

Debt consolidation service is a company or a non-profit organization that helps consumers consolidate their debts when traditional lenders like banks and credit unions are

Debtor

Debtor is the person who owes money to someone.

Debits

Debits is charges to or withdrawals from an account. In a bank account register, debits are subtracted from the balance.

Debit Card

Debit card is a plastic card similar to a credit card that allows money to be withdrawn or payments made directly from the holder’s bank

Down Payment

Down payment is a sum of money put toward the purchase price to reduce the amount of money borrowed.

Default

Default is a situation when a borrower is unable to make the monthly payments and pay back the loans, the borrower is said to have

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