Sentences with phrase «unaffordable debt»
"Unaffordable debt" refers to a situation where someone has borrowed money that they are unable to easily repay. It means that the amount of debt is too high and they have difficulty meeting the required payments within their income or available resources. Full definition
Those who can return to responsible spending through chapter 7 discharge and settling unaffordable debts (as opposed to stringing out payments in a DMP, chapter 13 and poorly devised less than beneficial settlement plan), will assist in job creation and economic recovery.
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«If consumers have sufficient financial education then unaffordable debt can be more easily avoided and individuals would be far more likely to make self - provision in terms of savings,» she said.
«Unsustainable» in human terms means individuals who pursue their dreams of upward mobility, only to find that these dreams are shattered due to unaffordable debt loads that they will never be able to repay.
When plans for settlement of unaffordable debts are created specific to the individual's situation, credit reports and scores can recover sometimes within a year or two, similar to availability of credit to chapter 7 filers.
Parents should learn to say no to student loans if the outcome will be unaffordable debt after college.
I encourage people struggling with unaffordable debt to use this as a debt relief information guide.
«Without action on the deficit, we will carry on racking up unaffordable debts our children will have to pay off,» he argued.
Whilst IVAs can be a life - line for many with large, unaffordable debts, it's worth remembering that they are not for everyone.
On average fewer than three in five students graduate within six years.1 More than a million students default on their federal loans every year.2 However, these challenges are greatest among for - profit colleges, whose students are less likely to see earnings gains, more likely to have unaffordable debt, and more likely to default on their student loans.
Debt Cleanse: How To Settle Your Unaffordable Debts For Pennies On The Dollar (And Not Pay Some At All)