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Word Count: 497
The reasons we as Americans buy on credit varies but without it most ofus wouldprobably never be able to purchase necessities such as a home or automobileThe nationseconomy depends on credit the promise to pay later for goods and servicesused todaybut along with consumer credit comes consumer debt With the rise intelemarketing andcommercializing in America it is no wonder why Americans feel the impulseto buy nowpay later The most common form of consumer debt is installment debt whichis when aconsumer borrows the money to purchase an item and agrees to repay the loanin equalinstallments over a fixed period of time Without installment debt most consumers could not affordto purchase items suchas a home The truth of the matter is that we as Americans tend to wantto purchasemore than we can afford to purchase when we want it But we can afford topay it outover time in fixed payments Mortgages a debt owed on real property are the latestform of installment debtOther forms include automobile loans and credit card purchases Just pickup thenewspaper any time after Christmas and you will find articles on managingyour mountingdebt from Christmas Not realizing the extent of the consumers debt is oneof the most common types ofcredit problems Denial may play a partial role in this problem but thelack of educationseems to be the largest reason for consumer debt Credit card use is up 20and a largenumber of Americans do not know the percentage rate at which the credit cardcompaniescharge Many credit card companies have started personalizing interestrates by notdisclosing the interest rate until after the consumer has received the cardBy notdisclosing the interest rate on the application the credit card companiesprohibit theconsumer from shopping around for the best deal You could just say they should cancel the credit cardbut did you know severalrequests for consumer credit could be viewed negatively because the informationisreported to the credit bureaus This leaves you the consumer with a badcredit reportHousehold debt and bankruptcy
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