https://padlet.com/lilladvoraczky/5u8xlrhgbtky Unit 4.2 en-us 2017-03-10 18:00:01 UTC 2023-05-29 02:18:51 UTC hello@padlet.com lilladvoraczky https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159347960 2017-03-10 18:00:59 UTC https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159347960 lilladvoraczky https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159348214 What would I do if I was $300 in debt?  What would I do?

]]> 2017-03-10 18:01:51 UTC https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159348214 lilladvoraczky https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159349135 " A debt is an obligation owed by one party (the debtor) to a second party (the creditor)" (pg. 7). A debt is usually created with the expectation that it will be repaid, and in some debt circumstances it is expected to repay the amount with an addition of interest cost. A debt could be on credit card balances, a home mortgage, car loans, and personal lines of credit. Debt allows people to buy things when they don't have all the money at the time of the purchase. ]]> 2017-03-10 18:04:53 UTC https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159349135 lilladvoraczky https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159351137 The first step in taking control of your debt is to create a budget. By doing this you will be able to figure out when you can pay back your debt and how to stay out of debt. One should start by listing their income, then their fixed expense like car or  house payments. Next, identify the extra expenses like groceries, entertainment, and supplies. There are programs and online options for helping people create a budget. ]]> 2017-03-10 18:11:30 UTC https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159351137 lilladvoraczky https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159352810 " If you’re struggling with significant credit card debt, and can’t work out a repayment plan with your creditors on your own, consider contacting a debt relief service like credit counseling or debt settlement" (pg. 8). Depending upon the services they provide they could give you advice or help you create a plan to repay your creditors. ]]> 2017-03-10 18:17:11 UTC https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159352810 lilladvoraczky https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159354101 One can file for personal bankruptcy but it does come with a several possible consequences. " People who follow the bankruptcy rules receive a discharge — a court order that says they don’t have to repay certain debts" (pg. 9). Some of the consequences include: may have to pay higher interest rates, would hurt your credit, could be sued, and have a hard time getting a job. ]]> 2017-03-10 18:21:07 UTC https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159354101 lilladvoraczky https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159355208 If I had a debt of $300 as I high school student with my parents, I would need to develop a plan to repay it. I have an income of $40 for allowance every month from my parents. I also have some expenses which include: food when out with friends, entertainment, and supplies. My parents want to be paid back as soon as possible but they want me to figure out/ make my own plan for paying them back. I need to make a plan so I can pay them back soon, but also have some entertainment.  If I save $20 a month to pay my parents back and $20 for entertainment I can repay my mom in 15 months. ]]> 2017-03-10 18:24:22 UTC https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159355208 lilladvoraczky https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159374505 2017-03-10 19:33:12 UTC https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159374505 lilladvoraczky https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159374572 2017-03-10 19:33:29 UTC https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159374572 lilladvoraczky https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159374733 2017-03-10 19:34:00 UTC https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159374733 lilladvoraczky https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159374835 2017-03-10 19:34:24 UTC https://padlet.com/lilladvoraczky/5u8xlrhgbtky/wish/159374835