Jacob Tracey

What is Debt and Types of Debt?

The question “what is debt” might not seem too hard to answer; however, everyone has a different idea of what it means. For instance, do you consider your student loan debt? Someone else might consider student loans a financial investment that they have no problem paying off over the next ten years. Another person would think of it as just another obligation they have to deal with. A mortgage might be included in someone’s calculation of credit owed or they may consider it a way of life. Owning a home rather than renting means there is an investment. A mortgage is often a necessity for most homeowners because they do not have the income to pay for a house in full at the outset.