Types of Debt Period 5 by Cesar Rangel https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e Post your questions and then your answerin the same place. Complete your part and then fill out your Graphic Organizer with your classmates answers en-us 2021-11-15 07:07:56 UTC 2021-11-18 04:45:14 UTC hello@padlet.com Medical Debt rangel_cesar1 https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1890567373 2021-11-15 07:08:47 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1890567373 Auto Loan rangel_cesar1 https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1890567816 2021-11-15 07:09:04 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1890567816 Mortgage rangel_cesar1 https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1890568322 2021-11-15 07:09:23 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1890568322 Home Equity Loan rangel_cesar1 https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1890568683 2021-11-15 07:09:35 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1890568683 Credit Card rangel_cesar1 https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1890569178 2021-11-15 07:09:51 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1890569178 Student Loans rangel_cesar1 https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1890569603 2021-11-15 07:10:07 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1890569603 Why do people get into this kind of Debt? 742987 https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891839302 A mortgage is a secured debt because the loan is backed by the value of the house itself. 

]]> 2021-11-15 16:58:21 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891839302 Other facts to know.(Statistics ) (write 2 facts) https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891840572 - Roughly 62% of American adults carry credit card debt (Debt.com)

- The average American credit card debt is $6,375 (cnbc.com)

]]> 2021-11-15 16:58:47 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891840572 Other facts to know.(Statistics ) (write 2 facts) 742987 https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891845064 - Roughly 62% of American adults carry credit card debt (Debt.com)

- The average American credit card debt is $6,375 (cnbc.com)

]]> 2021-11-15 17:00:33 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891845064 Other Facts To Know. https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891847539 The average Mortgage debt in America is $137,000

65% of homeowners have a mortgage payment
]]> 2021-11-15 17:01:28 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891847539 why do people get into this type of debt https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891849501 because it allow them to borrow money from there home equlity it a type of mortage

]]> 2021-11-15 17:02:15 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891849501 Other facts to know 679306 https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891850880 - 17.5% of students carry student loan debt

-In 2017, about 1 million adults carrying student loan debt defaulted on their loan]]> 2021-11-15 17:02:47 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891850880 How does this debt affect their financial life? https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891855262 They have to pay off the car plus whatever interest they have, so they don’t save any money either way. If they can’t pay the monthly payments the car gets repossessed so all money that went into the car is gone.]]> 2021-11-15 17:04:27 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891855262 How does this debt affect their financial life? https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891859532 if this doesn't get paid off, the home could be sold to satisfy the remaining debt]]> 2021-11-15 17:06:04 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891859532 Other facts to know.(Statistics ) https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891860661 A right for a health care consumer is that they are allowed a copy of your medical bill. There can be misprints like an addition of an extra zero to your bill.]]> 2021-11-15 17:06:32 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891860661 Other facts to know. https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891860836 There are 2 (common) types of mortgages fixed rate where the payments stay the same till it is paid off,and Adjustable rate mortgage where the price may vary from cheap to expensive depending on the market for housing(its usually cheaper initially but increases over time as housing is usually an increasing market)]]> 2021-11-15 17:06:37 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891860836 Why people get into this kind of debt https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891860990 People who don't have money to pay for college immediately get loans so they can pay and go to college. They still pay but over a period of time.]]> 2021-11-15 17:06:42 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891860990 How does this debt affect their financial life? https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891865735 This debt can make someone pay this loan back in a lifetime. It can also help get  degree that can easily pay it off. Some students don't graduate making the loan harder to pay off]]> 2021-11-15 17:08:45 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891865735 Why do people get into this kind of debt? https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891865806 Unless you have the money to pay for a car in full most people get an auto loan usually from the bank so you can pay small or larger monthly payments until the car is fully paid off.]]> 2021-11-15 17:08:47 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891865806 Other facts to know.(Statistics ) https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891866725 one out of five adults is paying off debt from medical bills.]]> 2021-11-15 17:09:12 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891866725 Why do people get into this kind of Debt? 679619 https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891866759 People get into medical debt because in an emergency the hospital stay, ambulance, the doctor, lab services and prescriptions it becomes expensive to pay everything off. ]]> 2021-11-15 17:09:13 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891866759 Why do people get into this kind of Debt? https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891870608 Credit card debt can be useful for borrowers seeking to make purchases which allow for deferred payment over time]]> 2021-11-15 17:10:52 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891870608 Other facts to know. https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891875308 the number one reason consumers borrow against the value of their homes via a fixed-rate home-equity loan is to pay off credit card balances.

How much a person can borrow is partially based on a combined loan-to-value (CLTV) ratio of 80% to 90% of the home’s appraised value]]> 2021-11-15 17:12:48 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891875308 2 facts of auto loan https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891910430 1.An auto loan’s monthly payment is typically fixed for the life of the loan.
 
2.An auto loan typically has a length of three to seven years, or 36 to 84 months. A longer-term loan typically has a lower monthly payment than a shorter-term loan, but you pay more money in finance charges over the life of a longer -term loan.

]]> 2021-11-15 17:26:57 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891910430 How does this debt affect their financial life? https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891921315
. All of a borrower’s credit card accounts will be reported and tracked by credit bureaus. The majority of outstanding debt on a borrower’s credit report is typically credit card debt since these accounts are revolving and remain open indefinitely.


]]> 2021-11-15 17:31:16 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891921315 the expense becomes consumer debt and you are then subject to associated penalties and fees. Consumer debt can affect your ability to secure a mortgage, pass a credit check for a rental application, or get a job. https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891926953 2021-11-15 17:33:37 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891926953 How does this debt affect their financial life? https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891932642 debt affects their financial life by in residential mortgage , buyers pledge there houses to the bank also the bank has a claim on it but the case of forecloser  that can effect the home tenants and sell the house by using income and can clear moregage debt ]]> 2021-11-15 17:35:52 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1891932642 the expense becomes consumer debt and you are then subject to associated penalties and fees. Consumer debt can affect your ability to secure a mortgage, pass a credit check for a rental application, or get a job. 742987 https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1898683200 2021-11-18 04:44:19 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1898683200 the expense becomes consumer debt and you are then subject to associated penalties and fees. Consumer debt can affect your ability to secure a mortgage, pass a credit check for a rental application, or get a job. 742987 https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1898684298 2021-11-18 04:45:14 UTC https://padlet.com/rangel_cesar1/86vx6yu51p7z6s6e/wish/1898684298