Til Debt Do Us Part by Darryl Baker Agenda for thematic unit Lesson 1 – Basics of debt and credit Lesson 2 – Economic factors that influence future indebtedness Lesson 3 – Amount of credit card and student loan debt (not covered in this powerpoint)
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
by Darryl Baker
Debt is created whenever one of the two parties to any transaction puts off turning over his/her end of the transaction -the money or the things or the work he/she is promising-but gets immediately the valuable consideration being offered from the other party.
Debt is a means of using future purchasing power (the amount of goods/services a $ can buy) in the present before the money has actually been earned
CANADA TRUST MC last reported to us in 01/01 rating your revolving account as R1, meaning paid as agreed and up to date. At the time the reported balance of your account was $285. Your account number: xxx...234. Date account opened: 06/99. Credit limit or highest amount of credit advanced $2000. DATE OF LAST ACTIVITY meaning the last payment or transaction made on this account was in 12/00.
PREVIOUS PAYMENT STATUS:
30 DAYS: 1 time (s) account previously R2 meaning one payment past due
A Credit Score of 760 means:
The much more rapid advance in spending came at the expense of savings and the accumulation of more debt. Annual savings dipped from roughly $7,300 per household in 1990 to about $1,000 in 2006.
The most recent data, measured in constant 2004 dollars, tells us that our collective debt load is up by 42% since 1990 and this compares to an increase of “only” 4.8% in real earnings.
Solid employment gains, relatively low interest rates, rising real estate values and a strong stock market have sustained the ability to borrow additional funds from the lending institutions. As such, debt levels as a percent of total assets have remained near the 17% level for several years.
Insolvencies reported by seniors have risen 11 times - the group that will exhibit the fastest growth in population and households over the next two decades
Debt Nation: Cdn credit stats and facts
US National Debt Clock