Glossary of terms

Glossary of terms

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Debt

Debt is what you owe - it comes in many forms, including mortgages, personal loans, credit card balances, hire purchase agreements, loans from family.

Glossary: Debt
Debt service

The payments due on a long-term debt consisting of interest and principal, eg. a monthly mortgage payment.

Glossary: debt
Debt is what you owe - it comes in many forms, including mortgages, personal loans, credit card balances, hire purchase agreements, loans from family.
Glossary: interest
Money paid in return for the use of money. If the bank is using your money (in a savings account) they pay you interest. If you are using the bank's money (via a loan), you pay the bank money.
Demographic

This is to do with the structure of the population and changes to that structure.

Direct debits

Direct debits (DDs) are a way of paying someone a variable amount direct from your bank account, usually on a fixed day of the month. Direct debits are ideal for bills that are a different amount each month – like telephone and power bills.

Glossary: Direct debits