DEBT REFINANCING involves raising new money to repay existing debt. It is often done and should not be confused with debt restructuring, a more fundamental process in which a borrower changes the structure of its debts (this usually happens when a borrower is unable to meet it's obligations; this may involve a reorganization of its liabilities, for instance by converting debt into equity. Debt rescheduling refers to a delay in the repayment of a debt, usually applying to both interest and principal payments, and can involve a renegotiation of the terms of the debt.
COMPOUND INTEREST is interest calculated from the total of original principal plus accrued interest.
CHARTERED FINANCIAL CONSULTANT (ChFC) is a financial planning designation for the insurance industry. ChFCs must meet experience requirements and pass exams covering finance and investing. They must have at least three years of experience in the financial industry, and have studied and passed an examination on the fundamentals of financial planning, including income tax, insurance, investment and estate planning.
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