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Episode 2606:
Jackie Beck explains the fundamental types of debt, focusing on the differences between unsecured and secured debt. She also delves into the nuances of various credit forms, such as installment and revolving credit, providing clarity on how they impact your financial health. Listen to gain a comprehensive understanding of how to manage debt strategically and avoid common pitfalls.
Read along with the original article(s) here: https://www.jackiebeck.com/types-of-debt/
Quotes to ponder:
"Secured debt is when you have something that you put up as collateral in case you don’t repay it. If you don’t repay what you owe as promised, the lender can take whatever you pledged as security."
"Unsecured debt is just like it sounds. It’s debt that is NOT backed by property or money that the lender could take if you don’t repay them."
"With revolving credit, you have a credit limit. That’s the max amount you’re allowed to borrow at once. You don’t have to borrow any or all of it, and you can borrow it over and over again as long as you repay it."
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