What Is Consumer Debt? (And the 7 Sneaky Debts You Might Not Think About)

Quick Answer: Consumer debt includes any money borrowed for personal use rather than investment purposes, encompassing credit cards, auto loans, personal loans, student loans, and buy-now-pay-later plans. Beyond these obvious debts, many sneaky financial obligations can damage budgets without consumers realizing they qualify as debt.Ever feel like your paycheck disappears faster than you can say …

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Parent Gift Funds: What They Mean for Your Mortgage

Quick Answer: Parent gift funds can help with mortgage down payments, but any debts parents are paying on the borrower’s behalf will still count against the borrower’s debt-to-income ratio. To exclude these debts from mortgage calculations, borrowers must demonstrate the parent has a history of making payments and financial responsibility for the obligation.Getting a mortgage …

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