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  • Credit card --credit cards are a way to borrow money from a third party to pay for a purchase.
  • Home equity loan --a Home Equity Loan is the borrowing funds while using one's home as collateral.
  • Home equity line of credit --There are many different types of debt:
  • Mortgage --a mortgage occurs when a lender accepts a pledge from the owner of a property that the lender will receive that property in case the borrower cannot repay the mortgage loan.
  • Auto loan --an auto loan involves a person requesting funds from a third party in order to purchase a vehicle.
  • College loan --college or student loans provide a fairly reasonable way for students to borrow funds to pay for school.