https://padlet.com/jenna_gilbreath/39lcyp3z7lxt By Jenna Gilbreath en-us 2017-06-27 14:49:45 UTC 2023-03-24 04:47:41 UTC hello@padlet.com jenna_gilbreath https://padlet.com/jenna_gilbreath/39lcyp3z7lxt/wish/177563615 Prompt:  Including at least 3-4 cited references to the reading, imagine that you or someone that you know has a specific debt (you determine the amount) that you/he/she is currently unable to pay.  What will happen as a result?  What can you/he/she do to create a plan in order to pay off the debt?  Write out the specific plan, including amounts based on what you determined.  How long will it take to pay off the debt?]]> 2017-06-27 14:50:45 UTC https://padlet.com/jenna_gilbreath/39lcyp3z7lxt/wish/177563615 jenna_gilbreath https://padlet.com/jenna_gilbreath/39lcyp3z7lxt/wish/177563727 My person is going to be in debt of one million dollars, they got in this situation because they decided to purchase a house they could not afford. After several months of attempting to pay the monthly bill made by their budget they realized it wasn’t going to work, they had bitten off more than they could chew. There are now several things they can do to try to pay off the debt. First, they went to a debt relief service, they might give you  “advice on how to deal with your mounting bills or create a plan for repaying your creditors” (8). Unfortunately when they when to the debt relief service they told them their debt was too much and they cannot help them. Now, they have to go for debt consolidation and hope that works. This is when you “might be able to lower your cost of credit by consolidating your debt through a second mortgage or home equity line of credit” (8). Although this may seem like a good option it just didn't work for this person’s situation, because their debt is so big. It was the “addition to interest, you may have to pay ‘points’, with one point equal to one percent of the amount you borrow” (9). There points and extra interest and what got them and left them with one option, bankruptcy. This was the best option for this person because, “people who follow the bankruptcy rules receive a discharge - a court order that says they don’t have to repay certain debts” (9). Although now this person does not have to pay back their debts there are some downfalls. For example, if you have gone bankrupt “you could have a hard time getting a job” or “your credit will be impacted” (9&10). In conclusion, don’t spend more than you make. 

]]> 2017-06-27 14:51:47 UTC https://padlet.com/jenna_gilbreath/39lcyp3z7lxt/wish/177563727 jenna_gilbreath https://padlet.com/jenna_gilbreath/39lcyp3z7lxt/wish/177564077 2017-06-27 14:54:55 UTC https://padlet.com/jenna_gilbreath/39lcyp3z7lxt/wish/177564077 jenna_gilbreath https://padlet.com/jenna_gilbreath/39lcyp3z7lxt/wish/177564250 2017-06-27 14:56:16 UTC https://padlet.com/jenna_gilbreath/39lcyp3z7lxt/wish/177564250