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Today's Terms
Balloon Payment
Definition:
A large extra payment that may be charged at the end of a loan or lease.
SLAMMING
Definition:
The term used to describe what occurs when a customer’s long distance service is switched from one long distance company to another without the customer’s permission. Such unauthorized switching violates FCC rules.
Collateral
Definition:
Property, such as stocks, bonds or a car, offered to support a loan and subject to seizure if you default.
More Consumer Law Terms >
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