Must-Have Information About Debt As a Homeowner

Homeowners tend to have this love affair with borrowing staggering amounts of money. With credit everywhere, we’re encouraged to borrow more, and buy more until eventually, debt sneaks up on us. It’s the perfect storm. What’s worse is, when debt does invade our lives, we ignore the obvious. So how can a homeowner tackle debt? Awareness is the first step in changing your future. Analyze the numbers to see just how bad it is.

How to Handle Secured Debt

A good rule of thumb when determining which bills to pay first is to pay more attention to any debt that is secured by collateral or assets, then pay unsecured debts. Usually, secured debts are fixed by an asset, for example, the loan you signed to purchase your car is secured by a lien on your vehicle, as well as the mortgage loan on your home is secured. If you stop making payments, providers can initiate a repossession or foreclosure. Continue reading Must-Have Information About Debt As a Homeowner