Credit and debt control the worlds economies. A problem with the allocation of debt and credit brought on the current financial crisis, the credit crunch, and it is through the stimulation of lending markets that the governments of the world are trying to get their countries out of recession.
And so it is on a smaller scale as well. Debt and credit control peoples lives, from credit cards to mortgages, loans to mobile phone contracts, debt and credit play a part in almost every aspect. But they can get out of control.
The average person in the USA with a credit profile has nearly $15,000 worth of debt. That is a huge amount of money. With numerous credit cards, loans etc that can be a lot of money, spread over a lot of payments, making a huge amount of money being paid off every month – and thats just at the minimum payments.
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