Debt Counselling

The process of getting financial advice or help with regards to managing your debt.

Debt Collector

A third-party who is used to collect outstanding or unpaid debts when payment terms aren’t met.

Closing Balance

This is the total amount you owe on your credit card at the end of the month, meaning that this balance is the amount you’ll need to pay.

Opening Balance

Opening balance, or how much you owed at the very start of the statement period.

Capital Balance

The capital balance is the amount of money you borrowed without factoring in the interest.