This post about being in debt, and the first thing you should know about it is that in the US and some countries, when you are late paying your bill, the campanies send you a bill but the ink will be in pink or red.
Credit score: There are some organisations that keep track of how good you are in making your payments and you pay your bills on time. Exmaple: Being late on you bills is bad for your credit score.
Creditor: Is the person or organisation who leands you the money.
Credit counselor: is a person who helps people with a lot of debts to fix the problem. They don't give them the money, but they help people to be organise, and came out with a plan to pay Example: I have found a good credit counselor who will help me with a plan to pay back my debt.
Debt collector: Is a person or campany who have to get you to pay your bills. And they call you, and keep calling you to reminds you to pay your bills.Example:I have debt collectors calling me at all hours of the day.
Credit score: There are some organisations that keep track of how good you are in making your payments and you pay your bills on time. Exmaple: Being late on you bills is bad for your credit score.
Creditor: Is the person or organisation who leands you the money.
Credit counselor: is a person who helps people with a lot of debts to fix the problem. They don't give them the money, but they help people to be organise, and came out with a plan to pay Example: I have found a good credit counselor who will help me with a plan to pay back my debt.
Debt collector: Is a person or campany who have to get you to pay your bills. And they call you, and keep calling you to reminds you to pay your bills.Example:I have debt collectors calling me at all hours of the day.
Behind on: This is an expression which means to be behind schedule, to be doing things later than when you should be doing them.
Example: Are you behind on all of those bills?
Catch up on: Is used to say that you can pay all of the bills that you haven't paid.
Example: I can catch up on all my bills next month.
Interest: Is a amount of additional money that you have to pay when you borrow money from someone else.
Example: If you borrow US$1000 from the bank at 10% interest, you have to give the bank US$1100 back to pay for the loan and the interest.
Loan: Is the money that someone gives you, a bank or a person,
Example: I went to the bank for a loan, because I need to buy a new car.
Default on: means not to make the payment that you are suppose to make. Miss one of your payments or two.
Example: My bank let me default on the loan they borrowed me.
Run up: means to spend a lot of money, or use a lot of something.
Example: I ran up my credit card.
Loan Shark: is someone who leands other ppl money, but at very high interest, and if you don't pay, thay can even use violence, or hurt you.
Example: I was so desperate at that moment that I went to see a loan shark.
Defer: To do it later than when it was an original schedule. You can also say to put it off.
Example:My creditor agreed to defer payment for a couple of months.
Raise: To give money for specific purpose, usually from different sources, you may work, you may ask somebody from another loan.
Example: I need to raise the money to pay my bills.
Pay off: to give the money back to someone who has leant you money.
Example: That will take you years to pay ff all of those bills.
Restraint: Is a when you don't do something, even dou when you can do it.
Example:A little restraint now will save you a lot of pain.
Read me later.
Example: Are you behind on all of those bills?
Catch up on: Is used to say that you can pay all of the bills that you haven't paid.
Example: I can catch up on all my bills next month.
Interest: Is a amount of additional money that you have to pay when you borrow money from someone else.
Example: If you borrow US$1000 from the bank at 10% interest, you have to give the bank US$1100 back to pay for the loan and the interest.
Loan: Is the money that someone gives you, a bank or a person,
Example: I went to the bank for a loan, because I need to buy a new car.
Default on: means not to make the payment that you are suppose to make. Miss one of your payments or two.
Example: My bank let me default on the loan they borrowed me.
Run up: means to spend a lot of money, or use a lot of something.
Example: I ran up my credit card.
Loan Shark: is someone who leands other ppl money, but at very high interest, and if you don't pay, thay can even use violence, or hurt you.
Example: I was so desperate at that moment that I went to see a loan shark.
Defer: To do it later than when it was an original schedule. You can also say to put it off.
Example:My creditor agreed to defer payment for a couple of months.
Raise: To give money for specific purpose, usually from different sources, you may work, you may ask somebody from another loan.
Example: I need to raise the money to pay my bills.
Pay off: to give the money back to someone who has leant you money.
Example: That will take you years to pay ff all of those bills.
Restraint: Is a when you don't do something, even dou when you can do it.
Example:A little restraint now will save you a lot of pain.
Read me later.
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