FIND TERM: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
- Date of last activity
- Deadbeat
- Debit card
- Debt
- Debt collector
- Debt consolidation
- Debt management
- Debt management plan (DMP)
- Debt management program
- Debt negotiation
- Debt reduction
- Debt relief
- Debt settlement
- Debt settlement company
- Debt-to-income ratio
- Debt verification
- Deed-in-lieu of foreclosure
- Default
- Default rate
- Default judgment
- Default resolution
- Deferred payment
- Delinquent
- Depreciation
- Discharge of debts
- Dismissed
- Dispute
- Double cycle billing
- Due date
Interesting Facts
Double cycle billing was banned by the Credit Card Accountability Responsibility and Disclosure Act of 2009. Beginning in February 2010, card issuers cannot use a 2 month average when determining finance charges on an account.
Disputing a credit record is now easier than ever. A consumer may simply dispute online while viewing their credit report.
A debt collector may be a collection agency or even a law firm. Small law firms tend to handle worthless checks that are returned from retailers. Several large law firms have opened or expanded their debt collection division. They take advantage of the fact that debtors are more likely to respond to a collection attempt from a law firm than from a collection agency.
Debt relief agencies are not the same and are often confused. They range from the helpful charities that counsel debtors to rogue debt settlement companies that ruin credit and fail to repay creditors.
Debt settlement may result in an increased income tax liability. This is because the Internal Revenue Service views the charges that a cardholder made but did not have to repay as a gift. Debts settled for a $600 or greater savings are subject to this tax, which is reported on Form 1099-C.
