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glossary of terms
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Choose a letter:
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D
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debit money which is taken out of an account is 'debited from' that account.
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debit card a plastic card that can be used instead of cash when making a purchase. The amount spent is taken automatically by computer from the account of the person who owns the card - it is debited from the account. Some cards (such as Switch and Delta) could let you spend money you have not got in your account - the balance is not always checked at the time of purchase. Other cards (such as Solo and Electron) only allow the purchase to go ahead if there is enough money in the account - it is always checked. Useful when paying in shops, shopping by phone or on the internet.
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debt if you are in debt you owe money to someone eg a bank.
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debtor a person who owes you money.
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defaulted failed to make payments; or failed to pay off the debt.
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dependents people who are financially dependent on you for their livelihood. This is usually children who live with you, but it could be elderly relatives or someone you care for.
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deposit an amount of money paid by you to make sure you get the goods. You may need to pay a deposit when getting goods on credit.
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Direct Debit an arrangement where you instruct the bank to release money from your account to pay bills and other amounts automatically. The billing company requests the money from the bank directly. You are told in advance in writing how much will be taken and the date it will be taken out of your account.
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discount money which is taken off the price of something. You may need to collect coupons or vouchers before claiming the discount. Sometimes shops give a discount to their employees.
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dormant no longer used.
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