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Government Resources: Economy: Credit Cards

Consumer Credit Key Web Links

About Consumer Credit

A consumer credit system allows consumers to borrow money or incur debt, and to defer repayment of that money over time. Having credit enables consumers to buy goods or assets without having to pay for them in cash at the time of purchase. Having a good credit record means that a person has an established history of paying back 100% of his/her debts on time. A person with good credit will be able to borrow money more easily in the future, and will be able to borrow money at better terms. On the other hand, having a bad credit record means that a person has had difficulty in the past with paying back all of the money he/she owes, or with making payments on time. Lenders are less likely to loan more money to a person with bad credit, making it difficult for that person to buy a car, a house, or obtain a credit card. Access to credit is a valuable benefit, which a person should protect and manage wisely.  Source:Consumer Credit Law & Practice in the U.S. (U.S. Federal Trade Commission)

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