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Debt is an obligation that requires one party, the debtor, to pay money borrowed or otherwise withheld from another party, the creditor.Debt may be owed by a sovereign state or country, local government, company, or an individual.
A country's private debt can be measured as a 'debt-to-GDP ratio', which is the total outstanding private debt of its residents divided by that nation's annual GDP. A variant is the consumer leverage ratio , which is the ratio of debt to personal income.
Household debt in Great Britain 2008-10. Household debt is the combined debt of all people in a household, including consumer debt and mortgage loans.A significant rise in the level of this debt coincides historically with many severe economic crises and was a cause of the U.S. and subsequent European economic crises of 2007–2012.
Personal line of credit: A personal line of credit is similar to a business line of credit. You get a set credit limit, and you can use up to that amount, pay it back and reuse it as much as you want.
Further, in the case of any business debts or losses, keeping your business and personal funds separate may help minimize your personal liability for financial fallouts. Choose between different ...
Taking out a personal loan can be a helpful way to consolidate debt or pay extra expenses. People commonly use personal loans to pay for weddings or vacations, finance home renovations or fund ...
Unsecured debts are sometimes called signature debt or personal loans. [2] These differ from secured debt such as a mortgage , which is backed by a piece of real estate. In the event of the bankruptcy of the borrower, the unsecured creditors have a general claim on the assets of the borrower after the specific pledged assets have been assigned ...
Common personal loans include mortgage loans, car loans, home equity lines of credit, credit cards, installment loans, and payday loans. The credit score of the borrower is a major component in underwriting and interest rates ( APR ) of these loans.