Consumers Purchasing On Credit

Consumers Purchasing on Credit


     The reasons we as Americans buy on credit varies, but without it most of

us would probably never be able to purchase necessities such as a home or

automobile. The nation's economy depends on credit, the promise to pay later for

goods and services used today; but along with consumer credit comes consumer

debt. With the rise in telemarketing and commercializing in America it is no

wonder why Americans feel the impulse to buy now, pay later. The most common

form of consumer debt is installment debt, which is when a consumer borrows the

money to purchase an item and agrees to repay the loan in equal installments

over a fixed period of time.

     Without installment debt most consumers could not afford to purchase

items such as a home. The truth of the matter is that we, as Americans, tend to

want to purchase more than we can afford to purchase when we want it. But, we

can afford to pay it out, over time, in fixed payments.

     Mortgages, a debt owed on real property, are the latest form of

installment debt. Other forms include automobile loans and credit card purchases.

Just pick up the newspaper any time after Christmas and you will find articles

on managing your mounting debt from Christmas.

     Not realizing the extent of the consumers' debt is one of the most

common types of credit problems. Denial may play a partial role in this problem,

but the lack of education seems to be the largest reasonThis is ONLY a preview of the article. If you would like to view the entire document, you must subscribe to Electronic References. Please register below now!


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