Variable Interest Rate
A fluctuating percentage rate a borrowers pays for the extension of money.

Waive
The process performed by a creditor in a debt management program to cancel a portion of the debt owed by a borrower.

Whole Life Insurance
A protective contract that issues funds to the beneficiary upon the death of the policyholder and accumulates cash value, allowing the policyholder to borrow against the amount to finance debt consolidation.

Yield
The percentage rate of return on an investment. The amount or quantity produced or
returned.

Zero Balance
The appearance on a consumer's credit card bill when all debts have been paid off.
Consumers begin their credit cards with zero balances.

Zero-Interest Credit Card
A revolving credit line that accrues no interest for a specified introductory period, usually three months.

Zombie Debt
A consumer liability in the form of an old debt that stays dormant for years only to revisit and haunt the consumer. The term "zombie" describes the debt as dead and forgotten until bill collectors start calling to collect it.