Consumer Credit Service
Definition
- A service that offers counselling for creating a realistic budget and a debt repayment plan. The service also offers advice for working with creditors to ensure that debts are paid back over a certain time.
Synonyms
credit counselling, budgeting, credit help, debt relief, money management
Acronyms
CCS
Related Terms and Acronyms
- Consumer Bankruptcy — Definition,
- A bankruptcy case filed to reduce or eliminate debts that are primarily consumer debts.
- Consumer Credit — Definition,
- Loans for personal use as opposed to business or commercial lending. These loans are typically unsecured and not backed by collateral.
- Debt Consolidation — Definition,
- The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. It's also called a consolidation loan. CanEquity has access to Canada's best debt consolidation products, for more info about debt consolidation see our debt consolidation page.
- Home Equity (HE) — Acronym, Very Important,
- The part of a home's value that the mortgage borrower owns outright; the difference between the fair market value of the home and the principal balances of all mortgage loans.
- Upside-down — Definition,
- A position that consumers find themselves in when the outstanding balance of a loan is higher than the current fair market value of the property purchased with the loan. See also "Depreciation."
