Tag: consumer credit

Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension, oneill@aesop.rutgers.edu

Outstanding credit accounts often go to collection agencies when people fail to pay their creditors. One of the most stressful parts of being in debt is receiving phone calls and letters from collection agencies requesting immediate repayment of outstanding balances. It is typical for calls and letters to become more aggressive and threatening over time. The term “collection agency” describes a variety of business models that have one thing in common: recovering …

Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension, oneill@aesop.rutgers.edu

According to Webster’s Dictionary, debt is defined as “the state of owing.” Most commonly, the word debt is used in reference to money that is owed to various creditors as in the case of debt incurred through loans and credit cards. How do you know when you have taken on too much debt? Take the following quiz to determine whether you are using credit wisely or getting in over your head.

Circle …

Cultural Differences in Handling Credit

Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension, oneill@aesop.rutgers.edu

When it comes to decisions about borrowing money and handling credit, the culture of a family, community, and country can have a major influence upon an individual’s behavior. What people are taught to believe about borrowing money and the use of credit can affect their financial decisions and debt payment practices for the rest of their lives. This is especially true when strong family role models or …