Amortization
Reducing my debt by paying installments over time. Ex. mortgage.
(Originally published on Amanda Stanhaus’s financial literacy vocab blog: XO, Bettie Vocab.)
Amanda Stanhaus
Tag: debt
April 7, 2014
Bankruptcy
The legal waterbucket that puts out the flames of unpayable outstanding debts.
(Originally published on Amanda Stanhaus’s financial literacy vocab blog: XO, Bettie Vocab.)
February 3, 2014
Credit Score
A number that measures the quality of one’s personal financial history. If I take on a bunch of debt AND pay it off on time I’m A-okay at 850. If creditors have me on speed dial, I’m in trouble at 300.
(Originally published on Amanda Stanhaus’s financial literacy vocab blog: XO, Bettie Vocab.)
January 30, 2014
Debt
Owe something to someone.
(Originally published on Amanda Stanhaus’s financial literacy vocab blog: XO, Bettie Vocab.)
January 29, 2014
Debt Payment
Get rid of debt by paying these. On time, preferably.
(Originally published on Amanda Stanhaus’s financial literacy vocab blog: XO, Bettie Vocab.)
November 17, 2013
Debt Deal
I love deals.
Sale shoes. Day old bread. Debt.
(click on the bold-faced vocab words:))
If I’m going to pay off my debt, why not pay it off as cheaply as possible?
When paying off debt, deals can be made with interest rates and the associated interest payments. Sorry, there’s no changing the principle. Unless, maybe if I morph into Hermione, hmm…
A mortgage’s interest rate can be lowered when refinanced.
Credit Card or Student Debt can be paid off in full with a line of credit. Lines of credit are known to have negotiable interest rates.
If the interest rate associated with a line of credit is less than the one associated with my current debt, a deal is within reach!
Go grab it!
(Originally published on Amanda Stanhaus’s financial literacy blog: XO, Bettie.)
November 8, 2013
Mortgage
I don’t have enough cash to pay for my house in full, so I took out one of these. It’s a form of amortization. AKA: reducing my debt by paying installments over time.
(Originally published on Amanda Stanhaus’s financial literacy vocab blog: XO, Bettie Vocab.)
November 4, 2013
Non-Flexible Loan
With this loan, the amount of a debt payment cannot change. Yes, even if I pay more.
(Originally published on Amanda Stanhaus’s financial literacy vocab blog: XO, Bettie Vocab.)
October 15, 2013
Risk Rollover
Next time I’ll pay. Instead, I take out even more debt to meet the payment deadline. America is a regular roller.
(Originally published on Amanda Stanhaus’s financial literacy vocab blog: XO, Bettie Vocab.)
October 11, 2013
Snowball Debt Calculator
“Hit me in the face with a snowball!”—Michael Ginsberg
Snowball— what a fitting name for a debt calculator. I needed to take this one sitting down.
Play with Snowball Debt Calculator here.
First, I had to figure out what non-flexible, Standard APR actually mean.
(click on the bold-faced vocab words:))
Finally, I filled in all the blanks and I got…
# of months it will take to repay my debt and how much $$ I will pay in interest.
Snowballing in interest order will cause me to pay less overall, tackling the highest interest debt first. Debts may not be eliminated quickly from my to-do list, but I’ll sleep richer.
Snowballing in balance order will list my debt from smallest to largest amount. I’ll shrink the list length from the very beginning. But pay more $$, if large debts with high interest rates are left till the last minute.
Personal preference!
(Originally published on Amanda Stanhaus’s financial literacy blog: XO, Bettie.)
