Economics

Consumer Debt

Consumer Debt

Financial debt are debts that are owed on account of purchasing goods that are consumable or do not appreciate. Possessing high numbers of consumer debt seriously isn’t typically beneficial for the average individual given it increases the pressure on one’s options for income to preserve regular payments. If not managed well, consumer debt can result in bankruptcy. In economics, consumer debt is outstanding financial debt of consumers, in contrast to that of businesses or governments.