Credit Card Guide
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Credit Card Glossary

Puzzled by credit card jargon? Browse the CreditCardGuide.com glossary for the definitions of common and confusing credit card terms.

Bankruptcy

A legal process in which a person or a business declares themselves unable to repay debts owed. There are different types of bankruptcies: Chapter 7 (in which household debts are discharged), Chapter 13 (in which household debts are restructured and repaid over several years), and Chapter 11 (in which a business restructures its debts).

 
     


 
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