Credit & Debt - Types

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The Types of Federal Student Loans

Four major types of federal loans are available to students or their parents: Stafford Loans, PLUS Loans, Perkins Loans, and Consolidation Loans. Each type of loan is aimed at a different set of people [more…]

Distinguish between Secured and Unsecured Debt

Secured debt means that you’ve put something you own on the line in promise of paying what you borrowed. Unsecured debt requires repayment, too, but your lenders don’t have immediate rights to your property [more…]

Defining Differences between Bad Debt and Good Debt

Whether your debt is good or bad depends on the type of debt, the reason you owe it, and whether you can afford to repay it. When used the right way, debt can help you manage your finances more effectively [more…]

Get to Know Types of Credit

All credit is not created equal. There are many forms of credit available, and getting familiar with credit types can help you become a better credit consumer. [more…]

The Face of Notes Payable

Face is the easiest type of note to account for. With this type of note, the present value of the note payable is the same as its face, which is the amount stated on the note. [more…]

No-Face, No-Interest Notes Payable

A no-face, no-interest note payable is issued for the present value of the amount the borrower receives from the lender, which is less than the face value [more…]

No-Face, Interest Bearing Notes Payable

Now that you’ve tackled zero-interest-bearing notes payables, you can dig into interest-bearing notes. Assume that a note payable has a stated (face) interest rate of 6 percent. At that stated rate, interest [more…]

Mortgages Payable

The most common type of note payable is a mortgage, which is used to finance the purchase of real property assets such as land and buildings. The property [more…]

How Good Debt Builds Good Credit

No doubt about it: Getting into debt can get you into trouble. Although debt certainly has a downside, borrowing money can also do a great deal of good for your credit record. [more…]

How to Build Credit as a Student

Most young people entering college or technical school have been brought up using their parents’ credit cards. They’d sooner be without their cellphones than do without a credit card. But after they cross [more…]

How Your Credit Affects Your Insurance Premiums

Credit plays a significant role when you’re looking for car insurance, renter’s insurance, or homeowner’s insurance. A thin credit file, inaccuracies in your credit reports, or just plain bad credit can [more…]

Credit Tips for Engaged Couples

Understanding and communicating with your spouse is critical in all aspects of married life, but especially when it comes to credit issues. All engaged couples should spend significant time discussing [more…]

Are Joint Accounts Good for Your Credit?

If your sweetheart has a less-than-glowing credit history, it begins to affect you as soon as you apply for credit together and open joint accounts. Why? Because the bank reviews both of your credit histories [more…]

How to Fit Credit into Retirement

Until a certain point in their lives, most people think of their kids or their home as the most expensive part of their credit and financial environment. Then they hit retirement. Retirement may not last [more…]

How to Track Down Specialty Reports: From Apartments to Casinos to Prescriptions

Specialty reporting agencies, as the name implies, gather information for specific industries. They often gather more detailed information than the big-three credit bureaus do in areas such as gambling [more…]

Understanding the Different Sections of Your Credit Report

When you get copies of your credit reports from Equifax, Experian, and TransUnion, you’re ready to walk through what can be, at times, a confusing landscape of codes and language that may seem as foreign [more…]

How to Tell a Good Credit Score from a Bad One

Good credit score ranges (for example, a FICO score of 760 to 850) change over time as the history of the population changes. This refers to your personal history of using credit and paying bills. [more…]

Do I Need a Credit Monitoring Service?

Hiring someone to monitor your credit or score without a specific purpose is an empty exercise. If you’re trying to get to a certain credit score so that you can make a large purchase like a home or a [more…]

10 Consumer Protections You Should Know to Safeguard Your Credit

The world of credit can be complex, unforgiving, and very expensive! Consumers need effective protection. The result is a series of laws, protections, and agencies whose purpose is to keep the credit game [more…]

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