What Is Consumer Debt
Consumer debt as its name implies is the amount of total debt held by consumers meaning private individuals as opposed to governments or businesses.
What is consumer debt. What does consumer debt mean. Credit may be extended as an installment loan or a revolving line of credit. Household debt balances through March totaled 143.
Consumer debt is a debt incurred by an individual for primarily personal family or household purposes. However this data which. Unlike a business that takes on debt to fund an investment this debt is taken on to purchase a good such as a car.
Information and translations of consumer debt in the most comprehensive dictionary definitions resource on the web. Rent for your home. Anything else is non-consumer debt.
Essentially consumer debt is money that is owed to a lender or creditor as the result of purchasing items things like clothing and electronics that are consumable and that do not appreciate in value over time. You incur a consumer mortgage debt to purchase the home residence. It does not include debts owed by a business or corporation to another entity.
Consumer debt is personal debt owed by an individual to another entity typically a bank or credit union. Consumer debt consists of personal debts that are owed as a result of purchasing goods that are used for individual or household consumption. Consumer credit is personal debt taken on to purchase goods and services.
Its also called consumer credit. This article will provide you all the nitty-gritty of consumer debt. Total household debt increased 155 billion or 11 in the first quarter this year according to a new report from the Federal Reserve Bank of New York.