Browsing Debt Glossary by S

"S" sorted financial term summaries of frequently heard personal finance definitions you have probably noticed or identified while browsing through this directory, with additional description details when clicking a term.

  • Salary – A salary is a periodic payment from an employer to an employee that does not depend precisely on the…
  • Salvage Value – The estimated value of an asset at the end of its useful life is termed the salvage value. For…
  • Same as Cash – The phrase "same as cash" is often used in sales to indicate that an asset may be financed with a…
  • Savings Account – A savings account is an account maintained at a financial institution that pays interest while…
  • Savings Bond (US) – US savings bonds are treasury securities issued by the US Department of the Treasury…
  • Savings Certificate – A savings certificate is a document detailing terms on a time-deposit account. In personal…
  • Second Mortgage – A second mortgage is usually a secured loan using a house as collateral, where the house is…
  • Secure Option Adjustable Rate Mortgage (ARM) – A secure option adjustable rate mortgage is a type of payment…
  • Secured – In finances, a loan is said to be secured if it is legally tied to an asset by a lien specifying the asset as…
  • Secured Credit Card – A secured credit card is, in nearly all respects, like a standard credit card except that they are…
  • Secured Debt – Any debt that is legally tied to an asset by a lien specifying the asset as collateral is said to be a…
  • Secured Debt Consolidation – Secured debt consolidation is a type of debt consolidation where an asset is pledged…
  • Secured Loan – a loan obtained by pledging a tangible asset as collateral for the loan. The loan is said to be…
  • Security Deposit – A security deposit is a lump sum given to a landlord by a tenant at the time of rental. The security…
  • Seizure – In personal finances, a seizure is not what happens when you open the post-Christmas bills. Nope, it’s…
  • Self-amortizing Loan – A self-amortizing loan is a loan with a repayment schedule that includes periodic payments…
  • Seller’s Market – A "seller’s market" is a colloquial expression used to indicate that the real estate conditions…
  • Serious Delinquency – A "serious" delinquency is an account that is some number of days past due and that either…
  • Settlement – Settlement, or settling an account, is the exchange between the borrower and the lender which results…
  • Settlement Costs – Settlement costs are fees or other expenses associated with settling a contract or debt…
  • Short Refinance – A short refinance is the refinancing of an existing mortgage by the same lender for a mortgage…
  • Signature Card – A signature card is a document that a customer signs when opening an account at a financial…
  • Signature Loan – A signature loan is a type of loan that needs only the borrower’s signature to be authorized…
  • Silver Certificate – Silver certificates were an older form of paper money circulating in the US from the late 1870s…
  • Simple Interest – Simple interest is a fast mathematical method for estimating the interest change on a loan…
  • Simple Interest Bi-weekly Mortgage – A simple interest bi-weekly mortgage is a type of mortgage that requires a…
  • Single-family Dwelling – A single-family dwelling is a residential structure built for one family or household-typically…
  • Skip-payment Clause (i.e. Skip-payment Mortgage, Skip Payment Privilege, Payment Holiday) – Some mortgages…
  • Smart Card (i.e. Chip Card, Integrated Circuit Card, ICC) – A smart card is a small plastic card-usually a credit…
  • Social Security – Social security is the US federal government Old-Age, Survivors, and Disability Insurance (OASDI)…
  • Social Security Number (SSN) – A social security number is a 9-digit number issued in the US to citizens…
  • Soft Loan (i.e. Soft Financing) – A soft loan is a loan made with an interest rate lower (usually much lower) than the…
  • Soft Money – Soft money has three possible meanings, depending upon the context. In the simplest interpretation…
  • Solvency – Solvency is the ability of a company to meet all of its financial obligations in pursuit of its business goals…
  • Speculation – Speculation is the process of investing in risky investments with a goal of achieving profits…
  • Spreadsheet – A spreadsheet is a basic format presented on paper that visually appears as a type of grid. Various…
  • Standard & Poor 500 (S&P) – The Standard & Poor 500 is a widely used stock market index used to indicate the…
  • Stated Income / Stated Asset Mortgage (i.e. SISA mortgage) – A stated income / stated asset mortgage is a type of…
  • Stock Market (i.e. Equity Market) – The stock market is the aggregate financial market that deals with the issuing…
  • Stocks – Stocks are financial instruments that represent a portion of a share in the ownership of a company. A…
  • Stop Payment Order – A stop payment order is the revocation of a check. The check writer notifies the bank that the…
  • Store Credit – Store credit may refer to a branded credit card or store credit card account. It more often is used to…
  • Straight Life Annuity – An insurance policy that pays a periodic payment to the annuitant until his or her death, upon…
  • Streamline Refinance Process – "Streamline refinance process" is a vague term indicating some refinance…
  • Student Loan – A student loan is a type of financial aid offered to students seeking some higher education. Student…
  • Sublease (i.e. Sublet or Sandwich Lease) – A sublease allows the lessee to assign an existing lease to a third party…
  • Subprime Auto Loan – A subprime auto loan is a type of loan available to potential automobile buyers with poor…
  • Subprime Credit – "Subprime credit" is a generic term for any borrowing occurring on the subprime market…
  • Subprime Lender – A subprime lender is any lender that specializes in making subprime loans to borrowers with…
  • Subprime Mortgage – A subprime mortgage is a mortgage made to individuals with poor credit ratings. Individuals…
  • Subprime Rates – The interest rate charged to subprime borrowers is colloquially referred to as the subprime rate…
  • Subsidy – A subsidy is a governmental benefit offered to an individual. Subsidies are generally cash payments or tax…
  • Substandard Health Annuity – A substandard health annuity is an insurance product that is purchased to cover an…
  • Surcharge – A surcharge is an added charge or fee. Surcharges often are assessed on loans and usually are not…
  • Surety Bond – A surety bond is a contract involving three parties: the principal, who will be performing some…
  • Surplus – In financial terms, a surplus is when assets exceed liabilities. For example, income exceeds expenditures…
  • Surrender Charge (i.e. Surrender Fee) – A charge given to a life insurance policyholder upon cancellation of a life…
  • Surtax – Surtax is a tax levied on top of another tax. For example, the US partially funded the Vietnam War by…
  • Sweat Equity – Sweat equity is a colloquial term describing a putative increase in equity derived through a…