Learn about debt and how to stay out of it with these helpful debt quotes!
In simple words, debt is an amount of money an individual or a company borrows from a lender (individual or institution).
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A debt is borrowed for a particular time, and the borrower is bound to return it along with the interest.
There are different types of debts, including:
- Mortgages
- Credit cards
- Personal loans
- Business loans
- Student loans
Debt can have a substantial impact on the finances of an individual or company.
Hence, it is crucial to understand the consequences of debt.
Impacts of Debt
Discussed below are the key effects of debt on personal finances:
- Minimized Disposable Income
- Higher Interest Payme…
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