Debt | Monetary Guide

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Bankruptcy

Bankruptcy, which appears as a type of personal failure in the financial world, was actually designed with the aim of granting the debtor a chance to start over. In the U.S.A. the bankruptcy process is regulated by the Bankruptcy Code and Bankruptcy Rules. These rules define the proceedings which may lead to the discharging of the debtor from the legal duty of repaying their debts,...

The term “Debt Avalanche” refers to a person’s theoretical ability to pay off his or her credit card debt every month in such a way that the outstanding balance of these debts will be paid off in a speedy, timely way with minimal interest payments to financial institutions (usually by beginning to pay off the largest of one’s debts first and then paying off the smaller...

Debt consolidation simply means acquiring a new, larger bank loan in order to pay the debt that exists on many smaller loans. Prime reasons that debt consolidation is used is so that a low rate of interest can be secured, or so that a certain fixed rate of interest can be secured, or even further, to make debt management easier by having just one overall loan. When to Use There are a...

Managing one’s debts can be quite stressful. Every month you make the minimum payments. Sometimes they’re at the beginning of the month, sometimes in the middle and sometimes at the end. Student loan payments may be every 3 months. If you have switched to direct deposit in hopes that you won’t miss payments, it can end up being even more stressful as you don’t remember when the payment...

With a credit card it is often easy to overspend as the money does not come directly from a bank account. Unfortunately this is being done earlier in a person’s life, making it harder to get out of debt. This kind of debt is considered to be “bad debt”. Bad debt is not looked upon favorably by the bank, or any other money loaner. However, since there is bad debt...

A mortgage is a way to make home ownership possible, so that people can pay off the value of the home on a monthly basis. There is usually a substantial down payment required which is presented at the exchange or purchase of the home. The home loan refers to the loan of money to purchase real property and real estate. Mortgages are regulated and issued by banks, and there are different...

Section: Debt

It can be difficult to avoid getting into debt with the current state of the economy. Prices are going up on common everyday purchases including gas and communications. Debt can be overwhelming with many major expenses such as college requiring a large student loan. We have many great tips that will help to prevent you from getting into unnecessary debt from credit cards and buy now pay later promotions. We will teach you the difference between good debt and bad debt so that you will be able to tell what type of debt will pay off in the end. We will also teach you how to prevent a debt snowball or avalanche. You will learn key information which can prevent bankruptcy from occurring and what to do if you do have to file for bankruptcy. Following the information in our debt section will give you the necessary tools to pay off your debt successfully.

Bankruptcy

Debt Avalanche

Debt Consolidation

Debt Snowball

Good Debt Vs. Bad Debt

Home Loans

Section: Debt