10 Facts about Debt
Check Facts about Debt in the below post. Something that we owe is usually called as a debt. The debt can be seen metaphorically and physically. It is valued as a moral obligation if you view it from the metaphorical sense. It is not seen based on the physical value. On the other hand, debt is seen physically if there are borrowers and lenders.
Facts about Debt 1: barter system
In the human history, the first form of commerce was debt. Before invention of coinage, the people had used barter system for more than 2,900 years.
Facts about Debt 2: the lenders
Payday loan providers, credit card companies, banks, sovereign nations and individuals are some lenders of monetary debt.
Debt Facts
Facts about Debt 3: the contractual terms
When you borrow cash from banks or loan providers, the repayment for this debt should include the interest and payment of principal. The timing as well as the amount of money is important in the contractual terms. Get facts about debit cards here.
Facts about Debt 4: the word debt
The word debt is taken from the word debitum. It is a Latin word. The meaning of debitum is a thing owed or something owed.
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Facts about Debt 5: the interest
When talking about debt, we should never forget about interest. The debtor has to pay the fee charged by the creditor. This fee is called interest.
Facts about Debt 6: how to calculate the interest of debt
The interest rate enables the debtor to calculate the amount of interest that they should pay. The interest can be paid semi annually or even monthly depending on the contract between the creditor and debtor.
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Facts about Debt 7: the annual percentage rate
APR stands for the annual percentage rate. It is the standard convention of the interest. The forms of APR are various.
Facts about Debt 8: the interest rates
There are two major types of interest rates. They are the floating and fixed interest. Find facts about credit score here.
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Facts about Debt 9: the individual and households
Credit card debt, car loans and mortgage loans are the common types of debts owned by households or individuals.
Facts about Debt 10: the simplest form
The simplest form for corporate debt is a term loan. A fixed amount of money is lent to the debtor. It should be paid in a particular date.
Facts about Debt
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