A Quote by Jean Chatzky
If you default on an unsecured debt, you won't lose anything (except points on your credit score).
Related Quotes
When you default on a secured debt, the creditor takes the asset that backs up that debt. When you convert credit card debt to mortgage debt, you are securing that credit card debt with your home. That's a risky proposition.
You also need to understand that when you consolidate credit card debt into mortgage debt - like a home equity loan or a HELOC [ home equity line of credit ] - you're taking an unsecured debt and turning it into a secured debt.
Absolutely pay off credit card debt. If you're not getting a match in your 401(k) and you've got credit card debt, you've got to get yourself out of credit card debt. When you get out of credit card debt, your credit score goes up and interest starts to go down.
But credit card debt is unsecured debt, which means if you get in trouble and cannot pay off your credit card, you can discharge it in bankruptcy. What are they going do to you? If you're in a financial position to just methodically pay off both credit card and student loans, pay them all.
I was able to use credit default swaps to protect not only my investments but the hundreds of jobs that exist because of my investment. I understand the dangers of credit default swaps and the benefits of credit default swaps.
Getting to a higher spiritual level is like increasing your credit score. You get a lot more points for sinning and repenting than if you have no credit history at all.
Not raising the debt ceiling does not trigger a default, because we've got enough money to service our debts. Default is when you can't service your debt.
Stats don't matter. I care about winning, not stats. If I score 0 points and we win I'm happy. If I score 50, 60 points, break the records, and we lose, I'm pissed off. 'Cause I knew I did something wrong. I'll have a hell of a season if I win the championship and average 20 points a game.
Credit default swap gives you something to do. You can buy some credit default swaps from them to protect yourself against the bankruptcy of people who owe you money.
Credit-default swaps remedied the problem of open-ended risk for me. If I bought a credit-default swap, my downside was defined and certain, and the upside was many multiples of it.
If you have credit card debt and credit card companies continue to close down the cards, what are you going to do? What are you going to do if they raise your interest rates to 32 percent? That's five times higher than what your kid is going to pay in interest on a student loan. Get rid of your credit card debt.
Credit is an 'I love debt' score.
A credit derivative, at its core, is actually a very simple concept... The simplest way to think of a credit derivative is it is analogous to insurance against the risk of a credit default by your counterparty, your business counterpart.
I think the credit default swaps can take the place of the rating agencies who really have missed the ball in this procedure and are quite conflicted by the way the ratings are paid for. So, I would like to see credit default swaps become an evermore important way of understanding credit risk in the economy.
Modern economies rely on debt, which encourages productivity and growth. But that system of credit requires consequences for debtors who default.
Your FICO score is an "I love debt" score. You're going to pay a bazillion dollars in interest to keep your FICO score up in order to have lower homeowner's and car insurance rates.
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