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- Term
The term refers to the time period required for the borrower to make, and the lender to receive, all payments. While most terms are unlimited, terms can vary depending on the issuer and the type of credit.
- Transaction Date
The transaction date is the date on which there was some activity on the account. This activity, which might be a purchase or a payment, is recorded when it occurs, and shows up on the monthly statement.
- Transaction Fees
Transaction fees are charges the credit card issuer puts on your account. Various actions can trigger a transaction fee, including late payments, cash advances, ATM withdrawals, and going over your credit limit. Transaction fees can be substantial, so read the credit card agreement carefully to avoid being unpleasantly surprised.
- Unsecured Claim
An unsecured claim refers to a claim in which a creditor has a right to collect money from you but no special rights to your property or other specified means of repayment. In other words, when you borrowed the money, you did not put up your house or other property as collateral on the loan. Medical bills, most credit cards and personal loans all fall into the category of unsecured loans.
- Unsecured Debt
An unsecured debt occurs when you borrow money but do not offer any kind of collateral. Most credit card companies and banks extend credit without collateral, basing the loan instead on your credit history and financial status. The interest you are charged on unsecured debt can vary, as it depends on your credit worthiness. Poor credit will result in high interest rates on unsecured debts.
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(4.80 out of 5)