A prepayment penalty is a fee imposed on a borrower who pays off their loan earlier than the agreed upon maturity date. This type of penalty is typically found in fixed-rate loans...

Amortization in financial terms refers to the process of paying off a debt over a period of time through regular payments. The payments are structured to include both principal and...

Inflation occurs when there is an increase in the money supply in relation to the economy’s ability to produce goods and services. As a result, there is a sustained increase in the general price...

The Fair Debt Collection Practices Act (FDCPA) is a federal law that regulates the behavior of debt collectors and provides consumers with protection from abusive, deceptive, and unfair...

Refinancing is the process of obtaining a new loan to replace an existing one. The most common reasons to refinance include reducing the interest rate, shortening the loan term...

A debtor is an individual or entity that owes money to another individual or entity. In the context of financial transactions, a debtor is a person or organization that has borrowed...

More and more Americans are racking up credit card debt as the recent inflation pushes up the cost of living nationwide. Read this article to understand the correlation between inflation...

Paying down your debt seems pretty straight forward. However, it involves much more than merely making monthly minimums or avoiding interest. Avoiding these 5 mistakes will save you money and help you pay down...

Being debt-free does not mean that you are finished with your financial journey. People do many things after going debt-free, but not everyone thinks about them beforehand. This article will discuss ways to put...