Consumer Credit Analysis

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Using Consumer Credit My wife and I use consumer credit for a great number of things in our financial lives. In todays world, where information is readily available in an instant, it is a key piece of financial planning, and one that if used properly, can help you achieve your financial goals more quickly than you would otherwise be able to. However, when used improperly, consumer credit can have long term effects on your finances. In this paper, I will analyze some of my own debts and the impacts that debt has on my financial health. In particular, I will analyze my decision to finance my home as I think this will help illuminate many of the concepts involved in a way that many people can relate to. My largest debt is by far my mortgage payment. Like many others, my wife and I decided to borrow funds for our home for several reasons, but the biggest one was that we did not have the necessary capital to purchase our home. We had several big factors that helped …show more content…
Clue’s video, while extremely amusing, he highlights several key factors that I have already spoke about, chief amount them is living within your means. The most amusing factor used in his sketch, is that I used to be that guy, and I think that many people in todays world either are or have been that person. It is comical, in a sense, because of the blatantly incorrect thought process that depicts, that so many people actually use. In other words, it hits so close to home! However, the remedy to this is simply living within your means and resisting the impulsive purchases. “To ‘live within your means’ means that what you spend each month is less than or at least equal to the amount of money you bring in each month” (Irby, 2017). In my opinion, this not only extends to any financial obligations, but also extends to any financial plans you are committed to. Examples of this include savings, or paying yourself first, retirement accounts, planning for a new car or home or whatever your goals may

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