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......
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Approximate Word Count: 472
Approximate Pages: 2 (250 words per double-spaced page)
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