From the course: Personal Finance Tips and Tricks
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All about loans
From the course: Personal Finance Tips and Tricks
All about loans
- The thing about loans is this: if you need to borrow money, you generally will find a way. Obtaining a loan can be easy, but paying it back, is not. Borrowing money has become the default way to pay for the big things in life, like education and housing, but for many people, it's also the default way to pay for things that they can't afford right now. And buying things that way, means that they will cost you more in the future, sometimes a lot more. Let's consider the many types of loans. They include student loans, mortgages, car loans, home equity loans, credit cards, yes, they are considered loans, cash advances, and payday loans. The most important thing to know is that interest rates and terms matter enormously, and they vary a great deal depending on the loan. Let's talk about this in terms of good debt and not so good debt. Let's start with good debt. Good debt is debt that is manageable, predictable, and buys you something of value. That means interest rates are low, terms…
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