I'm trying to get out of debt, which is money owed by a debtor to a creditor.
that can be a hard thing to do for some people
Yeah and debt is usually subject to contractual terms for repayment of principal. I worked out a repayment plan and am on track.
that is good you should make goals and stick to them
Loans, notes, bonds, and mortgages are different kinds of debt. I got in trouble with credit card debt.
yeah that is the one that sneaks up on ya
Credit card debt
Credit card debt is an example of unsecured consumer debt, accessed through credit cards.
Debt results when a client of a credit card company purchases an item or service through the card system. Debt accumulates and increases via interest and penalties when the consumer does not pay the company for the money he or she has spent.
The results of not paying this debt on time are that the company will charge a late payment penalty (generally in the US from $10 to $40) and report
Debt
Debt is when something, usually money, is owed by one party, the borrower or debtor, to a second party, the lender or creditor. Debt is a deferred payment, or series of payments, that is owed in the future, which is what differentiates it from an immediate purchase. The debt may be owed by sovereign state or country, local government, company, or an individual. Commercial debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest. Loans