Glossary of Credit Related Terms

Garnish

Legal process whereby a creditor has obtained judgment on a debt may obtain full or partial payment by seizure of a portion of a debtor's assets (wages, bank account, etc.).

Garnishment

Garnishment is a legal process that grants a creditor a judgment on a debt, providing for full or partial payment by seizure of a portion of a debtor’s assets, like their wages, bank account, etc.

Goods And Services Dispute

If you have a problem with the quality of property or services that you purchase with a charge or credit card, and you have tried in good faith to correct the problem with the merchant, you may have the right not to pay the remaining amount due on the property or services. There are two limitations on this right: 1) You must have made the purchase in your home state or, if not within your home state, within 100 miles of your current mailing address, and 2) the purchase price must have been more than $50.

Grace Period

The period allowed to avoid any finance charges by paying off the balance in full before the due date.

Graduated Payment

Repayment terms calling for gradual increases in the payments on a closed-end obligation. A graduated payment loan usually involves negative amortization.

Gross Monthly Income

What you earn before taxes are deducted.