Liquidating credit

What an enticing idea: Pay a small amount and you’re off the hook for the whole bill—for a while, anyway.

Alas, as the more than 45 percent of Americans who carry a balance every month know, that rotating charge usually comes back to bite you.

“You need an action plan to help you work at reducing and eventually eliminating what you owe,” says Gail Cunningham, a spokesperson for the National Foundation for Credit Counseling, a nonprofit organization. Ask yourself: What short-term financial goal will make me feel as though I’m making meaningful progress on debt reduction?

Commercial papers are unsecured promissory notes that are issued by corporations.

These notes have a fixed maturity that is usually less than a year in length.

Debt is a term that relates an amount of money that is owed by one party to another.

When a fixed dollar amount is known for that debt -- meaning the debt is clear and undisputed by either party -- the debt is known as a liquidated debt.

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