ESL Podcast 773 - Dealing With Debt

bill - a written statement of how much money one owes to a company and when it needs to be paid

Don't forget to pay the cable bill by the 15th of each month.

there's a (something) with (one's) name on it - a phrase used to describe something that one wants to have, especially when one plans to buy it

There's a house with my name on it, but I need to apply for a loan first.

behind - not doing something as scheduled; doing things later than planned, especially not paying bills when they are due

How did you get so far behind on your homework assignments?

house payment - money paid each month on a mortgage (a loan to buy a home)

Most financial advisors suggest making sure your house payment is less than one-third of your income.

foreclosure - the process in which a bank takes ownership of a home because an individual was not paying off the loan as required

A few months after the Chansons lost their jobs, their house went into foreclosure and they had to move into a small apartment.

to bluff - to threaten or say something that is not true because one hopes it will change someone's behavior

Kids can tell when their parents are bluffing versus when they're serious in their threats.

to repossess - for a bank to take ownership of something when the previous owner was not making payments on the loan used to purchase it

If you don't start making your car payments on time, the bank might repossess your Porsche.

power company - a company that provides electricity service to homes and businesses

The power company is trying to teach people about the benefits of energy- efficient light bulbs.

phone company - a company that provides telephone service to homes and businesses

How much does your phone company charge per minute for international calls?

to cut off service - to stop providing service because someone has not been paying for it

The natural gas company isn't allowed to cut off service during the coldest times of the year.

to charge - to pay for something with a credit card, not with cash, a check, or a debit card

When I got my first credit card, my brother told me to never charge so much that I can't pay my credit card bill the next month.

to be maxed out - to have reached the maximum amount available for spending on one's credit card; to have reached the highest point of something; to have reached an extreme limit

Between work and volunteer activities, Louise's schedule is maxed out. She needs to learn to say no!

collection agency - a company that helps other companies collect the money its customers have not paid on time

If a customer doesn't pay three bills in a row, we pay a collection company to help us collect the debt.

to hound (someone) - to nag, bother, or annoy someone repeatedly until he or she does something

Did your parents hound you to clean your room when you were a teenager?

on (one's) own - doing something by oneself, alone, without help from other people

How old were you when you learned how to wash your clothes on your own?

financial ruin - being bankrupt; being without any money and having bad credit

Our company expanded too quickly and caused its own financial ruin.