In Debt We Live
Long before recession caught the world in its grips, so many already lived in debt. The belief is that debt helps to fuel the economy. It is debt that enables society to pursue their quest for material satisfaction--to enjoy or have a taste of the good life. Debt does not respect social, age, economic or financial status of the debtor.In economics, consumer debt is outstanding debt of consumers, as opposed to businesses or governments. In macroeconomic terms, it is debt which is used to fund consumption rather than investment. It includes debts incurred on purchase of goods that are consumable and/or do not appreciate. (reference)