Company mortgages are mortgage products which are specifically aimed at companies who would like to buy a commercial building but who will need to take out a loan in order to fund the purchase.

Buy to let mortgages are sometimes classed as commercial mortgages. Buy to let mortgages (sometimes known as BTL mortgages) are when a person or company buys a second property with the intention of renting it out. Normally, people will do this in the hope that the property value will increase and that the rental income will cover the cost of the mortgage, meaning when they sell the property off in the future, they will have made some money at virtually no outlay cost.

Bankruptcy is a legal declaration that the person is insolvent - they are unable to meet their debt obligations. A company who is owed money can petition for that person to become bankrupt - this is known as involuntary bankruptcy, or the person can petition for bankruptcy themselves - this is known as voluntary bankruptcy. A court will then decide whether the person can in fact become a bankrupt. When a person goes bankrupt, all their assets are frozen and sold. The monies made from the assets is then divided out equally amongst the creditors. The person will be unable to borrow money or take out a mortgage for a long time, and their credit rating will be badly damaged.

A low interest credit card is a piece of plastic which is issued by a bank for use in borrowing money to pay for goods or services on credit. If the amount borrowed is not paid off in full at the end of the month, the balance has interest added to it. A low interest credit card is one which has a low rate of interest on the outstanding balances on the credit card.

Visa reward cards let you accumulate points every time you spend money on the card. The amount of points per dollar spent will depend on the card lender, and the rewards you can buy with the points will again also depend on your lender.

Popular points cards will give you a wide selection of rewards from new TVs, to a family vacation, to a shopping spree at your favourite shop. Additional points can often be added to your card if you spend at particular retailers. Each time you spend at particular retailers, extra points will be loaded onto your account - sometimes it might be twice the normal amount of points per transaction, or sometimes it may be a promotional amount of points for your first spend at the retailer.

Credit cards are an easy way of borrowing money - they can be used to consolidate existing loans or to transfer existing debt onto them, or merely for making purchases. You will set an agreed amount of ‘credit’ with a lender and you can borrow money up to this limit. Each month, you must repay some of the debt back to the lender. If you do not repay all the debt, interest will be accrued.

Debt consolidation is where you take out a loan to pay off all your other outstanding debts (credit cards, loans etc). Usually, this is done for two reasons - firstly to simplify your finances because you will only have one payment taken out of your account each month, and secondly because the loan should have a lower overall interest rate. Debt consolidation must be thought through carefully as sometimes it can prove more expensive to take a consolidation loan than it would have been to stay with the original debts.

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Savings account are bank accounts which are used for money which is not needed on a day to day basis. The interest rates are often higher than on a standard current account however it is harder to release the funds - most savings accounts do not have debit cards or cash cards associated with them. Normally, the money must be moved into a standard associated current account, or must be withdrawn with a passbook over the counter at your local bank.

With the increase in internet usage, it is now easy to keep a track on your funds and to move money into and out of your savings account quickly and easily.