| Credit Limit |
The maximum amount of money you can spend or charge on a particular credit account. |
| Interest |
The cost of borrowing or lending money, usually a percentage of the amount borrowed or loaned. |
| Late Fee |
Additional money that the creditor bills you when you don't pay the minimum payment by the scheduled due date on the statement or pay after the scheduled due date. |
| Over Limit Fee |
Additional money that you pay when you exceed your credit line. |
| Pending |
Funds required for negotiation / More information required on account. |
| In Progress |
Settlement in progress. |
| Target Met |
Funds available in trust for possible negotiation of settlement. |
| Settled |
Account Settled. |
| Closed |
Account removed from program. |
| Secured Debt |
A secured debt is a loan where the creditor retains collateral such as a house, or an automobile. If you fall behind with payments on this type of debt, the lender has the ability to repossess the property in order to mitigate their damages. |
| Unsecured Debt |
An unsecured debt generally occurs when you use credit to purchase goods or services in exchange for your promise to pay the creditor back. The most common types of unsecured debt are credit cards and personal loans.
|
