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What is debt?
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We find ourselves in debt when we borrow to buy things we can’t otherwise purchase. There are two main types:

Secured: Home and auto—where there is something they can take if we fail to pay them

Unsecured: Personal loans and credit cards—where there is nothing they can take

You probably guessed that secured debt has lower interest rates than unsecured debt. Because you have more to lose…

It makes more sense to save for what you want rather than paying more for it later.

 

<Next: Life Cycle of Bad Debt>

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