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Joshua recently purchased a new home- His lender required him to purchase credit life insurance on the loan in the event that he died before the mortgage is paid off- What is the loan clause that allows his lender to require him to purchase this additional insurance.

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What Is Consumer Debt?

Consumer debt consists of personal debts that are owed as a result of purchasing goods that are used for individual or household consumption. Credit card debt, student loans, auto loans, mortgages, and payday loans are all examples of consumer debt.
 


Joshua recently purchased a new home- His lender required him to purchase credit life insurance on the loan in the event that he died before the mortgage is paid off- What is the loan clause that allows his lender to require him to purchase this additional insurance.






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