Credit Terms

Balance	The payments left to go on your contract.

Collateral	Whatever the creditor has a lien or mortgage on - usually your car or house. NOT your furniture appliances, one radio or one television UNLESS the debt is for buying any of these things.

Collection Agency	A company that collects debts for other people or companies.

Consumer	A person who uses credit for personal, family or household purposes.

Creditor	The person or company you owe money to.

Debtor	The person who owes the money.

Refinance	Renew the contract before you have paid it out.

Repossess	When a creditor takes the property his lien is on - with or without a court order.

SOUTH CAROLINA DEPARTMENT OF
CONSUMER AFFAIRS