Search results
Results From The WOW.Com Content Network
Credit (from Latin verb credit, meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), but promises either to repay or return those resources (or other materials of equal value) at a later date.
Personal finance is the financial management that an individual or a family unit performs to budget, save, and spend monetary resources in a controlled manner, taking into account various financial risks and future life events.
A personal account is a bank account for use by an individual for that person's own needs. It is a relative term to differentiate them from those accounts for business or corporate use. It is a relative term to differentiate them from those accounts for business or corporate use.
Portal. v. t. e. A credit card is a payment card, usually issued by a bank, allowing its users to purchase goods or services or withdraw cash on credit. Using the card thus accrues debt that has to be repaid later. [1] Credit cards are one of the most widely used forms of payment across the world.
An increase in a liability or an equity account is a credit. The classical approach has three golden rules, one for each type of account: Real accounts: Debit whatever comes in and credit whatever goes out. Personal accounts: Receiver's account is debited and giver's account is credited.
Financial literacy is an ability to effectively manage the economic well-being of individuals with knowledge and financial skills. [12] The Government Accountability Office definition (2010) is "the ability to make informed judgments and to take effective actions regarding the current and future use and management of money.
The Fair and Accurate Credit Transactions Act of 2003 ( FACT Act or FACTA, Pub. L. 108–159 (text) (PDF)) is a U.S. federal law, passed by the United States Congress on November 22, 2003, [1] and signed by President George W. Bush on December 4, 2003, [2] as an amendment to the Fair Credit Reporting Act. The act allows consumers to request and ...
Such accounts, generally called loan or credit accounts, are subject to similar but reverse principles of a deposit account. In accounting terms, a loan account is an asset of the bank and a liability of the borrower. Loan accounts may be unsecured or secured by the borrower, and they may be guaranteed by a third person, with or without security.