What is Installment Debt?
Installment debt is when you borrow a set amount of money, and pay it back over regular, consistent installments at a recurring and agreed-upon date over time. Mortgages, car loans, and student loans are common examples. You know exactly how much you know, and when the loan will be paid off. Although having lower interest rates and more predictability, the downside is that once you borrow that money, you cannot borrow it again unless you take out a new loan. Learn more about installment debt with Puridy Debt Services today!
