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Credit card debt is not a long-term debt, while mortgages, car loans, and student loans are common examples of long-term debt.
Credit card debt is not an example of long-term debt. Long-term debt typically includes obligations like mortgages, car loans, and student loans that are paid back over an extended period, usually more than a year.
For example, a car loan is a type of long-term debt where the borrower agrees to repay the loan amount plus interest over a set period, often 3 to 7 years, to purchase a vehicle.
A mortgage is another common form of long-term debt that involves borrowing a large sum of money to buy a property, with repayment terms usually extending over 15 to 30 years.
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