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Debt is an obligation to pay someone money.
It may be a large obligation, such as a home mortgage
or monthly rent, or a small obligation, like a
newspaper or magazine bill. If you don’t pay, you
often suffer some consequences.Its Community Debt Services sole priority to minimize the effects your hardship has caused. The purpose of this page is to help you figure
out the kinds of debts you have.
Debt incurs in several different ways, such as:
• Debts to people you know, such as a loan
from your Aunt Rita or a Uncle Bill you owe.
• Your regular monthly obligations, for instance,
rent, phone bill or gas bill—versus debts you
pay only when you buy something on credit.
• Debts for goods or services you are currently
receiving, for example, a newspaper subscription
or credit card bill.
• Medical bills, did you recently have a surgery or accident? Did you have insurance before the accident or surgery took place? If not you've more than likely incured medical debt.
• Debts you’d rather not pay and wonder if you
really owe, such as back taxes—versus debts
you don’t have any reasonable grounds to
object to paying, for example, your utility bill.
Legally, however, these categories are irrelevant. Instead, the law puts debts into two primary
groups: secured and unsecured. To understand your
debts and to intelligently decide what to do about
each one, you must understand the difference. This
point cannot be overemphasized.
• Mortgages (sometimes called deeds of trust)—
loans to buy or refinance a house or other real
estate. The house or other real estate is collateral
for the loan. If you fail to pay, the lender
can foreclose.
• Home equity lines of credit or loans (sometimes
called second mortgages) from banks or
finance companies—such as loans to do work
on your house. The house or other real estate
is collateral for the loan. If you fail to pay, the
lender can foreclose.
• Loans for cars, vans, trucks, boats, tractors,
motorcycles, RVs—the vehicle is the collateral.
If you fail to pay, the lender can repossess the
vehicle.
• Car equity loans from banks or finance
companies. You pledge your existing vehicle
as collateral to obtain cash, usually used to
pay down higher-interest debts.
• Store charges with a security agreement—for
example, when you buy furniture or a major
appliance using a store credit card. If you
don’t pay back the loan, the seller can come
and take the property. Only a few department
stores use security agreements. Most store purchases
are unsecured (discussed below).
• Personal loans from finance companies—
often your personal property, such as your
furniture or electronics equipment, is pledged
as collateral.
To learn how Community Debt Service can get you out of debt in a fraction of the time at a fraction of the cost, don't wait another second pick up the telephone and call us, or inquire online and we'll call you!
We value your interest in our service and look forward to assisting you.
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