Area of Law: Credit, Debt and Bankruptcy
Answer # 0292
Repayment methodsRegion: Ontario Answer # 0292
The two most common ways to repay a debt are:
1. Revolving debt
Revolving debt is the term used for purchases that are paid back monthly, and you do not have to pay the full amount due every month. You do not have a fixed monthly payment, usually just a minimum payment amount due. Examples of revolving debt are credit cards and personal loans.
2. Installment Loan debt
Installment Loan debt is used when financing something specific for a specific amount of time. A fixed amount is paid each month. Examples include most mortgages, car loans, and payday loans.
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