Consumers Purchasing On Credit

Title	Consumers Purchasing On Credit
# of Words	482
# of Pages (250 words per page double spaced)	1.93

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 reason for consumer debt.
Credit...

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