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Credit Card Glossary

Credit Card Glossary: Terms and Definitions

Confused by credit card terms? CreditCards.com's glossary of credit card definitions will help. From account holder to Regulation Z, we have defined the most-common and most-confusing credit card terms.

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Debt settlement
Debt settlement is the practice of paying a lump sum to settle a debt for less than the full amount. Debt settlement companies offer to negotiate with creditors on your behalf, and a favorite tactic is to withhold payments from creditors to force a deal, a practice that severely damages the credit score of debtors. The Federal Trade Commission issued a rule in 2010 that barred debt settlement companies from charging fees before obtaining results.