Credit Card Dictionary
Previous - 1 - 2 - 3 - 4 - 5 - 6 - 7 - 8 - 9 - 10 - Next
51. Joint creditIssued to a couple based on both of their assets, incomes and credit reports. It generally results in a higher credit limit, but makes both parties responsible for repaying the debt.
52. Joint liabilityThe responsibility of two or more people to repay a debt.
53. Joint PetitionOne bankruptcy petition filed by a husband and wife together.
54. KeyA password needed to decipher encrypted data
55. Late chargeA fee imposed on a borrower for not paying on time.
56. Late paymentA sum a borrower sends to a lender that is received past the date when it was due.
57. Late payment feeCharge imposed on a debtor for not paying on time.
58. LiabilitiesA borrower's debts and legal obligations.
59. LIBOR rateLIBOR stands for London Interbank Offered Rate. It's the rate of interest at which banks offer to lend money to one another in the wholesale money markets in London. It is a standard financial index used in U.S. capital markets and can be found in the Wall Street Journal. In general, its changes have been smaller than changes in the prime rate. It's an index that is used to set the cost of various variable-rate loans, including credit cards and adjustable-rate mortgages.
60. Life capA limit on how much a borrower's percentage rate can increase or decrease over the term of the loan.
