Thought for today: Secured debt is debt that’s backed by collateral, such as a house, car, or other asset. When a person borrows against collateral, they guarantee that they will turn over this property to the lender if they default on payments. Members share: “I once took out a home equity loan to build an accessory apartment […]
Continue reading →Thought for today: An unsecured loan is a loan requiring no collateral. It’s not like a loan for a house, car or other asset. Creditors charge a premium rate of interest because of the extra risk involved in unsecured loans. Because unsecured debt is so expensive, it causes extra pressure on borrowers to pay it […]
Continue reading →Thought for today: The uninitiated may wonder: Is debting really a disease? To us in DA, we know our spending patterns were out of control. Unsecured loans got us into mental, physical and emotional trouble, not the least of which was the trouble we got with creditors. A member shares: “Credit card advertisers seemed to […]
Continue reading →Thought for today: Sometimes we feel tremendous pressure to debt and there seems no way out, except to use plastic. A member shares: “My babies needed diapers, there was no food in the house, and the only thing I could think of was a quick charge to fix it. “Then I remembered that I had […]
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