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alimony
a financial amount paid to one's former spouse for support after a legal separation or divorce
assets
any items of value that a person owns
bankrupt
financial situation in which a court declares one's debts to be greater than the total value of one's assets
cash value
amount that an insurance policy is worth if canceled before maturity. An insurance company will lend to a policyholder bases on his or her policy
coapplicant, joint applicant, cosigner
someone who signs a loan with the borrower, thus accepting legal responsibility for paying the debt if the borrower defaults (does not pay)
co-ownership
joint ownership between two or more persons
creditor
lender; one to whom money is owed
credit references
people who will recommend the credit applicant as a good credit risk
debt
money owed
debt balance
amount still owed on a debt at a given time
defualt
failure to fulfill the terms of the loan agreement
dependents
those who rely on a person for support
finance charge
the total cost to use credit, including interest, loan fees, and credit insurance
interest
the amount paid for the use of borrowed money
interest rate
the percentage of the principal that a borrower pays for the use of the borrowed money
liabilities
financial obligations; amounts owed
