By Abbie
Consumer debt is when purchased
items don't rise in price over time with borrowed money, like with a credit
card. Worst case scenario, it can lead
you to bankruptcy. The purchase could be
clothing, gadgets or even a vacation. It
is debt, as the name says, that you owe from goods you have purchased. Payday Loans and credit cards are just two
common examples of consumer debt. Being
in debt is not ideal as it can lead to stress and even make it harder for you
to make regular payments.
Although consumer debt may sound
bad, there are some positives to it, like going in to debt to boost your
earning power. For example, you could
take out a car loan so you could travel to a higher paying job. It's something you need to be responsible
about, so don't go around making rash and the worst thing in the world, you
just need to be smart.
