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Online Debt Collection:::::Consumer Debt
Consumer Debt
Consumer Debt
The definition of consumer debt is debt that is used to purchase
consumable products and is not used to make investments.
The fact is that consumer debt includes just about everything
that is purchased on credit. Homes and real estate are
considered investments so they are not included. As you
probably have guessed the largest portion of todays consumer
debt comes from the use of plastic money or credit cards. Many
top economist and consumer advocates feel that the countries
high consumer debt is a serious threat to our countries
financial security.
Credit card companies annually earn more than 150 billion
dollars. This is a staggering amount of money that comes from
the pockets of American citizens. What is more disturbing is the
fact that more than 90 billion dollars in credit card company
earnings come from late fees and penalties. It is obvious that
credit card companies are hoping that you will be late or miss a
monthly payment as it is a major source of income. All of which
increases the country’s already massive consumer debt.
Some economists have argued that increasing consumer debt
is necessary for a healthy economy. In the 1970’s total US
consumer debt equaled about $8 billion dollars however today’
s consumer debt is just short of $900 billion dollars. Depending
on what expert you ask this debt has had a positive or negative
effect on the country’s economy and its people. There is little
doubt about the effect of high debt has on the ordinary family.
Studies have shown that family disputes over excessive
consumer debt is the number one cause of divorce and is even
linked to domestic abuse and violence. Money or the lack of it
has caused a lot of family stress. Consumer credit offers arrive
each day in the mail. The credit card industry sends out more
than 2 billion credit card offers each Year. Many of these offers
end up in the hands of people who would not normally qualify
for any other form of consumer debt. In fact some people have
even received credit card offers for their dogs.
Bankruptcy is a common result of poor consumer debt
management. Simply missing or being late for a single monthly
payment can result in an increase in interest rates to more than
25%. In addition you will be facing late fees and penalties. Many
people feel that the credit card companies act as predatory
lenders by using these loan shark tactics. Excessive consumer
debt will make your life miserable. You must live at or below
your means or you will end up in financial trouble. It is far wiser
to live on a cash basis. If you must use plastic money then it
would be far wiser to apply for a debit card. You can live very
well without using credit cards.
Consumer Debt
consumable products and is not used to make investments.
The fact is that consumer debt includes just about everything
that is purchased on credit. Homes and real estate are
considered investments so they are not included. As you
probably have guessed the largest portion of todays consumer
debt comes from the use of plastic money or credit cards. Many
top economist and consumer advocates feel that the countries
high consumer debt is a serious threat to our countries
financial security.
Credit card companies annually earn more than 150 billion
dollars. This is a staggering amount of money that comes from
the pockets of American citizens. What is more disturbing is the
fact that more than 90 billion dollars in credit card company
earnings come from late fees and penalties. It is obvious that
credit card companies are hoping that you will be late or miss a
monthly payment as it is a major source of income. All of which
increases the country’s already massive consumer debt.
Some economists have argued that increasing consumer debt
is necessary for a healthy economy. In the 1970’s total US
consumer debt equaled about $8 billion dollars however today’
s consumer debt is just short of $900 billion dollars. Depending
on what expert you ask this debt has had a positive or negative
effect on the country’s economy and its people. There is little
doubt about the effect of high debt has on the ordinary family.
Studies have shown that family disputes over excessive
consumer debt is the number one cause of divorce and is even
linked to domestic abuse and violence. Money or the lack of it
has caused a lot of family stress. Consumer credit offers arrive
each day in the mail. The credit card industry sends out more
than 2 billion credit card offers each Year. Many of these offers
end up in the hands of people who would not normally qualify
for any other form of consumer debt. In fact some people have
even received credit card offers for their dogs.
Bankruptcy is a common result of poor consumer debt
management. Simply missing or being late for a single monthly
payment can result in an increase in interest rates to more than
25%. In addition you will be facing late fees and penalties. Many
people feel that the credit card companies act as predatory
lenders by using these loan shark tactics. Excessive consumer
debt will make your life miserable. You must live at or below
your means or you will end up in financial trouble. It is far wiser
to live on a cash basis. If you must use plastic money then it
would be far wiser to apply for a debit card. You can live very
well without using credit cards.
Consumer Debt
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