Credit Card Free Essay, Term Paper and Book Report
The reasons we as Americans buy on credit varies, but without it most of us wouldprobably never be able to purchase necessities such as a home or automobile. The nation'seconomy 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 andcommercializing 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 aconsumer borrows the money to purchase an item and agrees to repay the loan in equalinstallments over a fixed period of time.Without installment debt most consumers could not afford to purchase items suchas a home. The truth of the matter is that we, as Americans, tend to want to purchasemore 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 thenewspaper any time afte......
Word Count: 467
Page Count: 1.8 (250 words a page / double spaced)
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