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Consumer Debt
Consumer debt refers to any debts acquired for personal, family or household purposes. They are the only debts protected by the Fair Debt Collection Practices Act. In other words the debt is used for consumption rather than investment.
There are lots of opinions for and against consumer debts. Some people believe that consumer debt is inevitable for a growing economy. They believe that some debts are useful from investment point of view. In many cultures it is considered as immoral. Some people view it as a way to improve the domestic production. This is because increased availability of credit will only increase the demand for consumer goods. This will result in the increase of overall production.
Similarly in many countries, higher accumulation of consumer debt is seen as a factor for the growth of debt consolidation and counseling industry. Some of the popular forms of consumer debts are credit card debts, payday loans and other consumer finance for higher interest rates
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