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Canadian Financial, Real Estate and Mortgage Glossary

Debt Terms

bad debtDefinition (Mortgages, Taxation, Financial-banking)
Money that cannot be collected is considered bad debt. Businesses can deduct bad debts under certain circumstances. If a bad debt is personal, it can also be deducted in some instances as a short-term capital loss.
certificates for amortizing revolving debts (CARD)Acronym
collateralized debt obligation (CDO)Acronym
consumer debtDefinition (Financial-banking)
Debts incurred for personal, as opposed to business, needs.
Credit Counselling Services of Alberta (CCSA)Company, Alberta, Canada
debt and debt-service reduction (DDSR)Acronym
debt consolidationDefinition (Investments, Mortgages, Financial-banking)
The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. It's also called a consolidation loan. CanEquity has access to Canada's best debt consolidation products, for more info about debt consolidation see our debt consolidation page.
debt coverage ratio (DCR)Acronym
debt exchangeable for common stock (DECS)Acronym
debt issuesDefinition (Investments, Financial-banking)
The issuance of bonds or other forms of debt on the public markets.
debt service ratio (DSR)Acronym
debt service reserve fund (DSRF)Acronym
debt to income (DTI)Definition
The percentage of an individual's income that is used to repay debt.
  ➥  A ratio used by mortgage lending underwriters when determining an individual's credit worthiness and their ability to service a mortgage loan.
debt-to-income ratioDefinition (Mortgages, Financial-banking)
The percentage of an individual's income that is used to repay debt.
debt/equity ratioDefinition (Investments, Financial-banking)
A comparison of debt and equity used to measure the health of a business.
debtorDefinition (Mortgages, Financial-banking)
A person who has filed a petition for relief under the bankruptcy laws.
deed to secure debt (DSD)Acronym
Fair Isaac Corporation (FICO)Company Est.1956
  ➥  Introduced the FICO® Score used in credit reports.
Farm Debt Mediation Service (FDMS)Company, Canada
gross debt service (GDS)Definition (Mortgages)
The total monthly mortgage (or rent) payments, property taxes, utilities and maintenance fees as a percentage of gross monthly income.
  ➥  Used by mortgage lender underwriters to determine one's ability to qualify for a mortgage loan.
gross debt service ratio (GDSR)Acronym
home equity debtDefinition (Mortgages, Financial-banking)
Debt secured by your home.
non-dischargeable debtDefinition (Taxation, Financial-banking)
Debt that cannot be eliminated in bankruptcy such as Federal taxes.
non-recourse debtDefinition (Mortgages, Financial-banking)
A loan secured by collateral where the borrower is not personally liable.
previously rescheduled debt (PRD)Acronym
secured debtDefinition (Mortgages, Financial-banking)
A debt that is secured by a lien on debtor's property that may be taken by the creditor in case of non-payment by the debtor. A common example is a mortgage loan.
total debt service (TDS)Definition (Mortgages)
The ratio of a borrower's total monthly debt payments to his or her monthly gross income. Lenders use this ratio to determine how much of a loan a borrower is qualified for.
total debt service ratio (TDSR)Acronym
unsecured debtDefinition (Financial-banking)
Debt that is not guaranteed by the pledge of any collateral. Most credit cards are unsecured debt, which is a main reason why their interest rate is higher than other forms of lending, such as mortgages, which employ property as collateral.

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