The devil is always in the details, and nowhere is this more evident than when looking at the pesky fine print on credit card applications and loan agreements. The U.S. government has even legislated these evil little notes when they passed the Truth in Lending Act (TILA) legislation requiring entities issuing credit to consumers to disclose certain facts prior to completing the transaction. Disclosure provides the information, but knowing what to do with that information is what helps you make wise financial decisions. Read on to uncover the hidden fees, terms and rules that could break your piggy bank.

Loans
Loan agreements are packed with pages of tiny print and mind-numbing details. Five items to look for in a loan agreement include: 

• Finance Charge
  This number quantifies the cost of credit. In addition to providing (in dollars and cents) the amount of interest you will pay over the life of your loan, the finance charge section will also include any associated charges required in order to receive the loan (such as document preparation fees).
  
  
• Annual Percentage Rate (APR)
  Annual percentage rate (APR) is the interest rate that you pay to a creditor on a yearly basis. This number factors in all expenses, including the interest on the loan, origination fees, discount points, etc. It's the reason a loan advertised at an 8.0% interest rate often results in a loan payment based on an 8.5% interest rate. APR is the amount to use when comparing loans from different potential lenders.
  
  
• Amount Financed
  The amount financed is the actual dollar amount that you borrow. It is often less than the amount requested on your loan application because prepaid finance charges are deducted from it. Prepaid finance charges are paid at the time the loan closes. For example, if you apply to borrow $50,000, and must pay $2,000 in prepaid finance charges, the amount financed is actually $48,000. So, what does this really mean? It means the lender got paid the $2,000 up front, rather than through the loan.
  
  
• Schedule Of Payments
  The payment schedule shows you the number of payments, the amount required for each payment and when they are due. The schedule may also show the amount of principal, interest and insurance (if any) that is covered by each payment (such as for mortgages). Furthermore, the first few payments that you make will be primarily weighted toward interest, with only a small portion dedicated to principal. The last few payments you make will be primarily weighted toward principal.
  
  
• Total Payments
  This is the total amount you'll pay if you make all the scheduled payments on your loan. In many cases, the total payments can amount to more than double the amount originally borrowed, if extra debt repayments are not made. (To read more about loans, check out Different Needs, Different Loans and Debt Consolidation Made Easy.)