Phantom debt
Well kiddo, phantom debt is like when someone says you owe them money, but you never actually borrowed any money from them in the first place. It's like a pretend debt, or a made-up debt.
So, imagine you have a piggy bank where you keep your allowance money. You know exactly how much money you have in there, right? Now imagine someone comes up to you and says, "Hey, you owe me some of your allowance money." But you don't remember ever borrowing any money from them. You might feel confused and wonder how you could owe them anything.
Well, sometimes adults have "phantom debt" too. Maybe they get a letter or a phone call from a debt collector saying they owe money on a credit card or a loan, but they don't remember ever having that credit card or loan. Sometimes, these debts are even made up or not real at all.
So, it's important to be careful and make sure you only borrow money from people or places you trust. And if someone says you owe them money but you don't remember borrowing any, don't be afraid to ask questions or get help figuring it out.
So, imagine you have a piggy bank where you keep your allowance money. You know exactly how much money you have in there, right? Now imagine someone comes up to you and says, "Hey, you owe me some of your allowance money." But you don't remember ever borrowing any money from them. You might feel confused and wonder how you could owe them anything.
Well, sometimes adults have "phantom debt" too. Maybe they get a letter or a phone call from a debt collector saying they owe money on a credit card or a loan, but they don't remember ever having that credit card or loan. Sometimes, these debts are even made up or not real at all.
So, it's important to be careful and make sure you only borrow money from people or places you trust. And if someone says you owe them money but you don't remember borrowing any, don't be afraid to ask questions or get help figuring it out.