Dealing With Debt

source: enomaomoruyi
16

Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is used by many individuals as a method of making bigger purchases that they cannot afford at the time the need arises. Often times debt is expected to be repaid with a certain interest. Common forms of debt are loans, including personal loans, auto loans, mortgages and credit card debt. There are terms of loans which are; date for repayment of a loan, interest to pay on the loan expressed as a percentage of the loan amount. The interest on loans serves as compensation to the lender for taking the risk on the loan and also encourages the borrower to repay the loan quickly in order to limit its total interest expense. It is important that you keep up your payment and make sure it does not get out of control. TIPS TO HELP YOU MANAGE DEBT:

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