|-an amount of something that has been collected|
|When a quantity of something is added to or increased over time, it is called accumulation.|
|Numerous attempts have been made to improve the organization.|
|-an amount of money that is borrowed, often from a bank, and has to be paid back, usually together with an extra amount of money that you have to pay as a charge for borrowing|
|The bank finally granted me a ￡400 loan.|
|-money that is charged by a bank or other financial organization for borrowing money|
|Interest on loans is usually quite high.|
|-an amount of money that someone has invested in a bank or lent to a person or organization so that they will receive interest on it from the bank, person, or organization|
|The principal that he borrowed was 20,000 dollars.|
Three Easy Steps to Getting Out of Debt
Many people find themselves in debt. The majority of the time, it’s due to the accumulation of bills and loans. Even so, there are numerous options for getting out of debt. Here are three options for doing so. The first method is to create a budget. Find out how much you spend in a month and how you might save money. Budgeting can help you get out of debt in this way. The second option is to consider how you will divide your payments.
Pay more than the minimum amount owing on each debt if you have extra cash. Remember: the obligation with the highest interest must be paid off first. It is the most effective long-term debt relief strategy.
The third option is to pay off the obligation that has the smallest principal first. Seeing a principal decrease to zero encourages people to continue saving to pay off additional obligations.
When you’ve paid off all of your debts, you’ll be able to put more money aside and use it for more important things in the future.
|You are researching for your company’s finance lecture on how to get out of debt. Share the facts you gathered with a coworker. Use the expressions you learned today. Your tutor will be your co-worker.|
|1.||Is it even achievable to be debt-free? Please explain your answer.|
|2.||What are the benefits of living a debt-free lifestyle?|