Definition of Consumer Debt
Consumer debt may occur when consumer purchase goods for its consumption, in macroeconomics terms it is a form of debt that used to capitalize the consumption rather than investing. This type of debt may occur on purchases of good that has only motive consumption by consumer. Reaching high-level consumer debt is ideal for any consumer; the individual may face trouble in their financial status. The individual will face difficulties to maintain regular payments if not secured well that person will fall in bankruptcy.
The causes of Consumer Debt
In modern society, consumer debt is seen as a way of increasing domestic production because consumer finds the credit is available easily. In many years it is seen that consumers are interested to take debt to smooth their consumption, borrowing money to fund housing or schooling and repay those debts at their high expenditures period.
Book on consumer Debt
Collateral Damaged: The Marketing of Consumer Debt to America by Charles R. Geisst (published by John Wiley & Sons, 2010)
Consumer Debt Recovery Law by Bruce Kercher, Richard Brading, Betty Weule (published by Federation Press, 2002)
How Consumer Debt works?
In the financial terms, consumer debt can be defined in with many examples, to know more about the process of consumer and how it has effect on our financial status, here two examples that can give a clear idea.
- At some level, consumer debt can bring a positive side in financial areas, in the circumstances like when someone wants to buy something that will boost the earning power of him, this kind of debt come with optimistic signs. Like a person finance a car for travelling daily at his work place at high paying salary job.
- The other examples of consumer debts are as follows, credit card debt, payday loans, and other consumer finance which usually come with high rate interests. It has no match to long-term secured loans like mortgages.
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