Glossary
Debt service
The payments due on a long-term debt consisting of interest and principal, eg. a monthly mortgage payment.
Debt is what you owe - it comes in many forms, including mortgages, personal loans, credit card balances, hire purchase agreements, loans from family.
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.
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Here you'll find explanations of the many financial terms used throughout the Sorted website.
