Adding Or Removing Debts And Loans
Missing a Debt Source?: You can add it in the Profile Section. See how here.
Adding a debt or loan can be done in the Debts section using the + symbol at end of the of each section that says "Add New Debt".
Adding A Debt:
Adding A New Consumer Debt
Adding a consumer debt or loan can be done in the Debts section using the + symbol at end of the Consumer Debts section that says "Add New Debt".
Consumer debt refers to...
- Credit Cards
- Vehicle Loans
- Line of Credit
- Home Equity Line of Credit (HELOC)
- Government Student Loan
- Private Student Loan
- Investment Loan
If you have debt outside of these options you can use Line of Credit to capture this "Other" debt.
Adding A New Real Estate Debt
Similarly, adding a real estate debt or loan can be done in the Debts section using the + symbol at end of the Consumer Debts section that says "Add New Debt".
Consumer debt refers to...
- House Mortgage
- Rental Mortgage
If you have debt outside of these options you can use House Mortgage to capture this "Other" debt.
Removing A Debt:
Linking A Debt:
Each debt source provides an opportunity to "Link to Asset". If you have a Real Asset such as a Home, Rental Property or Cottage, you can link a debt source to that asset. If you sell that asset the debt will automatically be paid off.
This is especially helpful for mortgages that you want to be paid when an asset is sold, but can also be used to clear Lines of Credit, Credit Cards or other debt sources at the time of sale.
Missing Debt?
The Debt section is based on the debt information you shared in your Profile. Debt is split into two parts, Consumer Debt and Real Estate Debt.
If you're missing a Debt section to complete it might be necessary to update your Profile.
