Your Finances; Your Future

Financial Glossary

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Balance Transfer

Is the process of transferring your debt from one credit card to another. This process is usually done to save on interest payments each month.


A for-profit business that accepts deposits and makes loans.

Bank Statement

A statement given to account holders by a bank or credit union to keep them informed of all transactions they made during the statement period. These statements are sent on a regular basis or posted online.


A status of consumers or businesses that have been declared unable to pay his or her debts. It also refers to the legal process by which debtors seek federal protection from creditors when the borrower is unable to repay debt obligations.


Bonds are debt securities issued by corporations and governments.


An itemized summary of probable income and expenses for a given period. A budget is a plan for managing income, spending and saving during a given period of time.