| A | B |
|---|
| artisans lien | the right of persons who have not been paid for services to retain possession of any goods involved and sell them if payment is not made |
| consumer loan | a loan that arises when a person borrows money primarily for personal, family, household, or agricultural purposes |
| credit card | a card identifying the holder as a peron entitled to obtain goods or services on credit |
| credit rating | evaluation of one's ability to pay debts |
| creditor | one to whom a debt is owed |
| debt | that which is owed |
| debtor | a person or busines that owes money, goods, or services to another |
| discharge | the release of the debtor from debt |
| finance charge | added cost for the payment in installments for goods or services |
| garnishment | court granted right to intercept a debtor's wages for the purpose of paying a debt |
| guarantor | the third party who agrees to pay if the principal debtor fails to do so |
| guaranty | relationship in which a third party becomes secondarily liable for a debt upon default of the principal debtor |
| involuntary bankruptcy | liquidation of personal or business asset forced by inability to pay debts of $5,000 or more |
| lien | a security interest giving the creditor the right to force the sale of the property to recover the debt amount |
| mechanics lien | a legal claim or charge against a home, building,l or other real property improvement filed by a person who has not been paid for labor or materials furnished to build it |
| pawn | pledge of tangible personal property |
| pawnbroker | a person who lends money at interet and akes possession of tangible personal property from the borrower as security for repayment |
| pawn ticket | a receipt for pawned goods obtained by the borrower |
| pledge | situation in which personal property is given to a c reditor as security |
| pledgee | the creditor who gets possession of the property |
| pledgor | the debtor who voluntarily gives up possession of the property |
| principal debtor | onw who originally owes a debt in a three party arrangement |
| secured debt | the debt related to the legal interest in a specific property of the debtor |
| security interest | the creditor's right to enforce the debt against specific property of the debtor |
| surety | the third party who promises to be liable in case of default by the principal debtor |
| suretyship | relationship in which a third party becomes primarily liable for a debt upon default of the principal debtor |
| unconscionable contract | a contract or a clause of a contract that is grossly unfair and oppressive |
| unsecured debt | debt based only a promise to pay |
| voluntary bankruptcy | voluntary liquidation of the assets of a person or busines to discharge debts |
