Debt
Being in Debt: All across the country, millions of people find themselves in massive amounts of debt, many of whom have no real means to pay it off. Debt is easy to achieve, by committing one or more of the don't do's on the other pages, debt can sneak it's way into your life. Many people find themselves in debt because their job simply can not accommodate for a basic living quarters, food, medical bills; and their only means to stay alive basically is to borrow. Many people find themselves living on the edge, and if they slip, say their leg breaks and they have to pay for med bills, with no real savings to speak for, a loan is the only answer.
The Good, The Bad, and The Ugly:
Really just the good and bad, take a look.
Good Debt:
-Loans for necessities
-Reachable Monthly Payments
-An investment with the goal for eventual income
Bad Debt:
-Loans for unrealistic desires (Ferrari's, Yacht)
-Revolving credit/ snowballing debt
-High interest rate loans
Hey By The Way, I'm in Debt...HELP!: It's okay! There are many ways to get out of debt, and again their are good and bad ways. Many people have an assumption that filing for bankruptcy means that they are scot free of their debt and it's no longer their problem; more like a problem for the rest of your life. Filing for bankruptcy KILLS credit scores, and there are much neater ways to accomplish the same goal. Finance and organization are almost one and the same, and debt is a clear sign that one is missing. If you find yourself in a plethora of debt, start locating, separating, and systematically eliminating your debt. By setting an allotted amount of money each month to pay of the debt, and follow it through and through, eventually your debt will be gone.
Sources: http://money.cnn.com/magazines/moneymag/money101/lesson9/index2.htm
http://money.howstuffworks.com/personal-finance/debt-management/debt1.htm
The Good, The Bad, and The Ugly:
Really just the good and bad, take a look.
Good Debt:
-Loans for necessities
-Reachable Monthly Payments
-An investment with the goal for eventual income
Bad Debt:
-Loans for unrealistic desires (Ferrari's, Yacht)
-Revolving credit/ snowballing debt
-High interest rate loans
Hey By The Way, I'm in Debt...HELP!: It's okay! There are many ways to get out of debt, and again their are good and bad ways. Many people have an assumption that filing for bankruptcy means that they are scot free of their debt and it's no longer their problem; more like a problem for the rest of your life. Filing for bankruptcy KILLS credit scores, and there are much neater ways to accomplish the same goal. Finance and organization are almost one and the same, and debt is a clear sign that one is missing. If you find yourself in a plethora of debt, start locating, separating, and systematically eliminating your debt. By setting an allotted amount of money each month to pay of the debt, and follow it through and through, eventually your debt will be gone.
Sources: http://money.cnn.com/magazines/moneymag/money101/lesson9/index2.htm
http://money.howstuffworks.com/personal-finance/debt-management/debt1.htm