Debt Relief Articles

Closed-end credit refers to a type of loan or credit in which the amount borrowed is set in advance and the loan is repaid over a fixed period of time in installments, typically through...

Secured debt refers to a type of debt that is backed by collateral, which serves as security for the loan. This means that the lender has a claim on a specific asset or group of...

Unsecured debt refers to a loan or debt that is not backed by collateral. Unlike secured debt, where the borrower provides collateral, such as property or assets, to secure the loan...

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...

An Individual Retirement Account (IRA) is a type of account that is specifically designed to help individuals save for retirement. IRAs offer tax advantages and allow individuals...

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...

Accrued interest refers to the interest that accumulates on a debt instrument such as a bond, loan or savings account, over a specified period of time. It represents the growth in...

The Internal Revenue Service (IRS) is a U.S. government agency that is responsible for the collection of taxes and enforcement of tax laws. The IRS is part of the Department of the Treasury and...

The borrower (i.e. the company) promises to repay the lender (e.g. a bank) with interest over a set period of time. Unlike equity financing, where the lender receives ownership in the...