Financial Management and Debt

Source of income

The origin or means by which a person earns money, such as employment, investments, or business activities.

Supplement income

To add to one's main earnings with additional money from another source to increase total income.

Keep afloat

To manage to survive financially; to avoid going bankrupt or running out of money.

Open a current account

To create a bank account designed for everyday transactions such as deposits, withdrawals, and payments.

Get into debt

To accumulate money that is owed to others, typically through borrowing or spending beyond one's means.

Clear your debts

To pay off all money that is owed until no balance remains outstanding.

Cut down on luxuries

To reduce spending on non-essential items or pleasures in order to save money.

Run up huge debts

To accumulate a very large amount of money owed to creditors over a period of time.

Make a payment

To transfer a sum of money as part of a purchase, loan repayment, or financial obligation.

Agreed credit limit

The maximum amount of money a lender has authorised a borrower to use or spend on credit.

Borrow heavily

To take out large amounts of money in loans or credit, often resulting in significant debt.

Outstanding debt

Money that has been borrowed and not yet repaid; a balance that still needs to be settled.

Pay back loan

To repay the money borrowed from a lender, usually over time with or without interest.

Run up an overdraft

To spend more money than is available in one's bank account, resulting in a negative balance.

Interest-free overdraft

A bank overdraft facility that allows a customer to borrow beyond their balance without being charged interest.

Stay afloat

To continue functioning financially without going bankrupt or becoming insolvent.

Credit-card fraud

The unauthorised use of someone's credit card information to make purchases or access funds illegally.

Identity theft

The crime of fraudulently obtaining and using another person's personal information, typically for financial gain.

Spend a fortune

To use or pay a very large amount of money for something.

Run up a bill

To accumulate a growing amount of money owed, especially through spending or using services on credit.

Falsified

Altered or fabricated in order to deceive; made to appear genuine when it is not.

Fraudulent claim

A request for money or benefits that is based on dishonest or false information, intended to deceive.

Put down a deposit

To pay an initial sum of money as a partial payment, securing a purchase or rental agreement.

Default on repayments

To fail to make the required payments on a loan or debt as agreed with the lender.

Call in loans

For a lender to demand the immediate full repayment of money that has been lent.

Write off debts

To officially accept that a debt will not be repaid and remove it from financial records as a loss.