consumer debt
Owed purchase money
Consumer debt is money owed by individuals for personal purchases rather than business or investment purposes.
It includes credit card balances, auto loans, student loans, and medical bills—borrowing to finance consumption rather than to generate income.
The average American carries over ten thousand dollars in consumer debt.
Distinguished from mortgage debt, which is secured by property.
Defeated by sheer volume
- stressPressure, mental or vocal
- struggleLabored effort against resistance
- hardshipSuffering from difficult circumstances
- pressureForce upon contact
paycheck to paycheck · collection calls · garnishment · bankruptcy · insolvency · default · foreclosure · repossession
Borrowed-funds payment tool
- credit scoreNumerical measure of borrower reliability
- credit reportRecord of borrowing behavior
- creditworthinessAbility to repay debts
- credit limitMaximum allowed debt
credit utilization · revolving credit · APR · interest rate · compound interest · minimum payment · balance transfer · cash advance
Secured home loan
- auto loanCredit for vehicle purchase
- car loanBorrowed money for wheels
- student loanBorrowed funds for tuition
- personal loanUnsecured individual borrowing
payday loan · buy now pay later · installment plan · overdraft · home equity loan · layaway · title loan · store credit
Giving back what's owed
- consolidationCombining into unified whole
- refinanceObtain new loan terms
- balance transferMoving debt to another account
- settlementResolved dispute or colony
negotiation · forbearance · deferment · payment plan · budgeting · amortization · principal · bankruptcy filing
overwhelmed
Defeated by sheer volume
- stressPressure, mental or vocal
- struggleLabored effort against resistance
- hardshipSuffering from difficult circumstances
pressure · paycheck to paycheck · collection calls · garnishment · bankruptcy · insolvency · default · foreclosure · repossession · eviction
credit card
Borrowed-funds payment tool
- credit scoreNumerical measure of borrower reliability
- credit reportRecord of borrowing behavior
- creditworthinessAbility to repay debts
credit limit · credit utilization · revolving credit · APR · interest rate · compound interest · minimum payment · balance transfer · cash advance · late payment
mortgage
Secured home loan
- auto loanCredit for vehicle purchase
- car loanBorrowed money for wheels
- student loanBorrowed funds for tuition
personal loan · payday loan · buy now pay later · installment plan · overdraft · home equity loan · layaway · title loan · store credit · vacation loan
repayment
Giving back what's owed
- consolidationCombining into unified whole
- refinanceObtain new loan terms
- balance transferMoving debt to another account
settlement · negotiation · forbearance · deferment · payment plan · budgeting · amortization · principal · bankruptcy filing · Chapter 7
- debtcreditor, owe, debtor, lender, unpaid
- debtscar loan, student loan, loans, bank loan, personal loan
- consumerismconsumers, shopping, buying, purchases, purchase
- economicssupply and demand, inflation, GDP, GNP, gross domestic product
- British EconomyBank of England, pound sterling, sterling, GDP, budget deficit
- financial crisesfinancial collapse, bank run, economic collapse, bank failure, bank failures
consumer debtdebt-free
Without financial obligations
financial freedom · debt freedom · personal savings · consumer savings · paid off
consumer debtcorporate debt
Loans owed by companies
business loans · commercial loans · government debt · sovereign debt · public debt
consumer debtsaving
Reserving for future use
thrift · frugality · financial discipline · debt avoidance · fiscal responsibility
debt, consumer, consumed, consuming, consumption, consumable, consumables, consumerism, overconsumption