Money Management Glossary: Debt Management Terms
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- Adjusted Income
- The phrase "Adjusted Income" denotes one's gross income minus expenses. It is also known as Total Qualifying Income.
- Alimony
- Alimony is a term that describes monthly payments received by an ex-spouse.
- Cash Flow
- The phrase "Cash Flow" implies the net amount of cash generated by an individual (or a business) after taxes and all non-cash expenses (such as depreciation) have been accounted for.
- Child Support
- The phrase "Child Support" denotes monthly payments that contribute to the care of a child. If such payments were to be received continuously for three years, they may be counted toward qualifying income for a loan.
- Collection
- The term "Collection" denotes the processes/efforts used to bring a delinquent debt (a mortgage, a personal or business loan etc.) current. It starts with the creditor/lender (or a collection agency working on behalf) filing of necessary paperwork (notices) which some times results in foreclosure or bank repossession.