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What you have know about debt
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[QUOTE="Deleted member 62875, post: 219293"] Debt is more prevalent than ever in today’s society. The data shows that consumer debt has grown to more than $14.9 trillion in recent times, with the average consumer having about $92,727 in debt. And as it becomes more common, it becomes increasingly important to understand how to manage debt. Every debt is either revolving or non-revolving. Revolving debt is one where you can continuously spend and pay off the debt. The most common revolving debt is a credit card, though a line of credit is also a type of revolving debt. Non-revolving debt is one where you borrow a lump sum and then pay it off over a specific term. Non-revolving debts include mortgages, student loans, personal loans, and car loans. A secured debt is one that is secured by collateral or an asset the lender can seize if you don’t make your payments. Mortgages and auto loans are secured debts since your lender can seize your home or car if you don’t pay them back. Unsecured debts don’t have any collateral behind them. The lender can still take legal action to get their money, but there’s no asset they can seize from you. Student loans and credit cards are examples of unsecured debts. Understanding your debt It’s important to know about and fully understand each debt you have. For each debt, you should know your Total balance Interest rate Minimum monthly payment Estimated payoff date Once you understand your debt, you can use a debt payoff method like the debt snowball or debt avalanche to pay it off. [/QUOTE]
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