Types of Debt Period 6 by Cesar Rangel https://padlet.com/rangel_cesar1/q7oqq4umumugcsli 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 07:14:07 UTC 2021-11-16 22:25:16 UTC hello@padlet.com Student Loan rangel_cesar1 https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1891715940 2021-11-15 16:12:44 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1891715940 Medical Debt rangel_cesar1 https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1891716731 2021-11-15 16:13:00 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1891716731 Mortgage rangel_cesar1 https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1891717506 2021-11-15 16:13:17 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1891717506 Home Equity rangel_cesar1 https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1891718694 2021-11-15 16:13:44 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1891718694 Auto Loan rangel_cesar1 https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1891719564 2021-11-15 16:14:04 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1891719564 Credit Card rangel_cesar1 https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1891720371 2021-11-15 16:14:25 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1891720371 question rangel_cesar1 https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892029748 answer]]> 2021-11-15 18:17:00 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892029748 Other facts to know.(Statistics ) https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892058145 -An auto loan typically has a length of three to seven years
-An auto loan is a type of secured loan]]> 2021-11-15 18:29:42 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892058145 How does this debt affect their financial life? https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892060941 The negative effects of debt can have a major negative impact on your credit score. When you have a large debt burden that you are unable to repay, your credit score will begin to decline, resulting in a poor credit score and report. Worst of all, it's easier to lower your credit score than it is to raise it.]]> 2021-11-15 18:30:59 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892060941 Why do people get into this kind of Debt? https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892067673 When you have an emergency and you don't have enough money to cover it afterwards, it will become debt.
You can also get it from ongoing charges such as physical therapy or treatments like that.
]]> 2021-11-15 18:33:59 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892067673 Other facts to know https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892072608 study showed that two-thirds of people with a medical bill or debt problem went without needed care because of the associated costs.]]> 2021-11-15 18:36:12 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892072608 Why do people get into this kind of Debt? https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892075138 Unless you and your spouse have enough cash lying around to pay for a car in full, you will likely use an auto loan to finance the purchase. A lender, such as an auto dealer or bank, provides money for you to buy an auto. You make monthly payments to repay the loan over time. The terms of an auto loan depend on various factors, including your income and credit history.

]]> 2021-11-15 18:37:18 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892075138 How does this debt affect their financial life? https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892083731 The average Mortgage debt in America is around $137,000, and 65% of homeowners have a mortgage payment. This affects their financial life, because they will have to pay the mortgage for a long time.

]]> 2021-11-15 18:41:07 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892083731 Why do people get into this kind of Debt? https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892086327 homeowners use home equity to pay off personal debt,credit cards,etc  and As with any mortgage, if the loan is not paid off, the home could be sold to satisfy the remaining debt and the struggle with debt comes in.]]> 2021-11-15 18:42:16 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892086327 facts to know https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892088558 "Today,with a home-equity loan, homeowners can borrow up to $100,000 and still deduct all of the interest when they file there tax returns" ]]> 2021-11-15 18:43:16 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892088558 Why do people get into this kind of Debt? https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892096261 Secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. In the case of a foreclosure, the bank may evict the home's tenants and sell the house, using the income from the sale to clear the mortgage debt.]]> 2021-11-15 18:46:19 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892096261 other facts to know https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892098884 roughly 62% of american adults carry credit card debt ]]> 2021-11-15 18:47:22 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892098884 Why do people get into this kind of Debt? https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892102735 people get into credit card debt from credit card loans. They can also get into credit card debt by opening numerous credit card accounts with varying terms and credit limits. ]]> 2021-11-15 18:49:05 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892102735 how does this debt affect their financial life? https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892120877 Medical debt affect peoples financial life by forcing families to take household savings and having to take an addition into a credit card.]]> 2021-11-15 18:56:52 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892120877 Other facts to know https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892125741  People who carry medical debt often avoid getting necessary treatment or filling prescriptions.]]> 2021-11-15 18:58:56 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892125741 How do people come into this type of debt? rangel_cesar1 https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892132114 How do people come into this type of debt? usually when trying to pay for college not have enough money/scholarships to pay for it they have to take out a loan]]> 2021-11-15 19:01:44 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892132114 How does this debt affect their financial life? https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892132397 It can affect in good or bad ways like a good way would be if you pay it off on time you build your credit and make it better but because if you fail to make the payments the lender like the bank could repossess your car to pay off the loan.]]> 2021-11-15 19:01:52 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892132397 How does this debt affect their financial life? rangel_cesar1 https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892134633 How does this debt affect their financial life? When students aren’t able to pay student loans in time they experience more debt. Sometimes they don’t graduate or easily acknowledge the results of student loans which can lead to even more unnecessary debt.]]> 2021-11-15 19:02:51 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892134633 facts to know https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892135710 home equity loans come in two varieties- fixed rate loans and lines of credit .]]> 2021-11-15 19:03:16 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892135710 how does this debt affect their financial life? https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892141101 A home equity loan is an easy source of income to pay off credit card balances, auto payments, mortgage, and other secured debts. if not payed off this income can be repossessed. ]]> 2021-11-15 19:05:20 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892141101 other facts to know https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892142205 in  2017 2.4% of all credit card debt carrying Americans had delinquencies on their debt ]]> 2021-11-15 19:05:53 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892142205 Other facts to know (Statistics) https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892160083 -The average amount of mortgage debt owed is $36,730

-The debt to income ratio is an important factor that can influence how much a home buyer is approved to borrow. The ratio is important to mortgage lenders because research shows that borrowers who have too much debt are more likely to default on their loan.

]]> 2021-11-15 19:13:54 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892160083 Other factsto know.(Statistics ) https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892194899 in 2017 2.4% of all credit card debt carrying americans had delinquencies on their debt.
Student loan in time they experience more debt.

]]> 2021-11-15 19:30:16 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1892194899 Why do people get into this kind of debt https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1895298325
Student debt is typically incurred when a student uses loans to cover the portion of tuition that has not otherwise been paid for through their own assets, grants, loans taken out by parents or guardians, or by scholarships. 
Especially for advanced degrees, student debt can escalate rapidly with the compounded price of curriculum, textbooks, and other associated costs ever on the rise]]> 2021-11-16 22:25:06 UTC https://padlet.com/rangel_cesar1/q7oqq4umumugcsli/wish/1895298325