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Understanding credit and debt terms is your first step toward protecting yourself against illegal and unfair credit and debt collection practices.

Debit and Credit Terms and Definitions

Credit Cards:
Any card, plate, or coupon book used from time to time or over and over again to borrow money or buy goods or services on credit. More on Credit Cards

Debit Card (EFT Card):
A plastic card, looks similar to a credit card, that consumers may use to make purchases, withdrawals, or other types of electronic fund transfers.More on Debit Cards

Third Party:
Anyone other than you, your spouse and anyone you designate to act on your behalf such as a lawyer. In other words, parents, siblings, neighbors, friends, other relatives and employers are all considered 3rd parties. See more in-depth information here: 3rd party contact - FDCPA

Visit my all about credit site for more than 40 More Terms and Definitions.


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