What is Credit Debt?

Credit Debt is a general term used for any type of credit that you’ve used and have not yet repaid. This can come from a variety of sources, including credit cards, bank loans, student loans, and even money owed to those television shopping networks.

Basically “credit debt” is everything you have not yet paid for in full.

Here’s a quick list of what is generally considered credit debt:

• Total owed on your credit cards
• Personal loans
• Student loans
• Car loans
• Mortgage

Hot tip: when calculating your credit debt, make sure to factor in the interest owned on your debts. This will help you get a much better understanding of how much your really owe in credit.

You could even expand the term to encompass services you’ve received but not yet paid for; for example, if you pay your cable bill for the previous months service, that would have to be calculated into your credit debt.

[tags]credit debt[/tags]