When you get a loan — whether it’s a car loan, home loan, student loan, personal loan or loan from a family member — you assume a debt and become a debtor. According to the Federal Reserve Bank of New ...
Greg McFarlane is a financial writer and co-founder of ControlYourCash.com. He is also the co-author of Control Your Cash: Making Money Make Sense. Somer G. Anderson is CPA, doctor of accounting, and ...