https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs By: Emily Malascalza en-us 2020-12-02 01:16:23 UTC 2020-12-03 04:56:48 UTC hello@padlet.com emilymalascalza https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978335963 This padlet will teach you all about consumer credit and the economy, why consumer credit is important, how debt positively and negatively affects the economy, covid-19 and the fragile state of the economy, the domino effect of the economy and a little bit about debt.]]> 2020-12-02 02:07:44 UTC https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978335963 emilymalascalza https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978337235 This video explains how consumer credit and the economy works together. 
I included this video as the first one to look at because I felt it was a good summary of how the economy works.]]> 2020-12-02 02:08:23 UTC https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978337235 emilymalascalza https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978337635 2020-12-02 02:08:35 UTC https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978337635 emilymalascalza https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978339601 2020-12-02 02:09:35 UTC https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978339601 emilymalascalza https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978339882 Consumer credit is what supports the economy. The economy is in a very fragile state right now. With consumers loosing jobs due to Covid-19 and less consumer credit accumulating we in turn have less money in the system and are facing the economy crashing.
I chose to include this because I feel it is important to note how fragile and dependent our economy is on consumer credit. ]]> 2020-12-02 02:09:44 UTC https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978339882 emilymalascalza https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978340210 It is important to use your credit cards wisely and not spend money just because it is important to the economy. 
Debt can be a very dangerous road if you don't be careful. High interest rates make it incredibly difficult to pay off debt once it starts to accumulate. This can leave you struggling to put food on the table or even homeless.]]> 2020-12-02 02:09:54 UTC https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978340210 emilymalascalza https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978340851 2020-12-02 02:10:15 UTC https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978340851 emilymalascalza https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978341139 There are different types of consumer debt. This includes debt collected from making purchases and debt collected from bigger things like buying a house or taking out a loan. If consumers stop spending money and collecting debt then the economy could crash and we could go into a recession. 
I included this because it is important to know how serious this is. If the economy crashes it will have many consequences for everyone including famine, people loosing their houses and belongings etc.]]> 2020-12-02 02:10:23 UTC https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978341139 emilymalascalza https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978341471 2020-12-02 02:10:34 UTC https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978341471 emilymalascalza https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978341767 This image shows the stress of debt on consumers. I chose this image because it shows in a sense how as individuals our debt is holding up the economy. It also shows the stress of carrying this debt.]]> 2020-12-02 02:10:44 UTC https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978341767 emilymalascalza https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978342555 This image represents a current example of the importance of consumer credit and the economy regarding Covid-19. The economy is in a very fragile state right now because with the virus taking away many consumers incomes, they are unable to make purchases therefore it is going to affect the economy negatively. Less purchases means less jobs therefore causing even fewer purchases and so on. ]]> 2020-12-02 02:11:06 UTC https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978342555 emilymalascalza https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978343401 If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?
I personally was never taught about the economy and more deeply into our money system, banking system etc. When I have kids one day I want to make sure they learn everything I've learnt in this course. As to consumer credit and the economy I want to make sure they understand 
1. How the economy works.
2. The danger of credit cards and debt - with the understanding the economy requires us to be in debt. Credit card companies and such will try to get you to spend money but to be careful.]]> 2020-12-02 02:11:28 UTC https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/978343401 emilymalascalza https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/980145095 What did you learn about your topic that surprised you the most?
I was most surprised by just how fragile our economy is. I didn't know things were this unstable and reliant on consumer spending. I don't think I ever really thought about deeply before but it all makes sense now that I've been learning about it.]]> 2020-12-02 15:23:03 UTC https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/980145095 emilymalascalza https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/980148180 Provide a real life example at how this topic is relevant or interesting for you.
A real life example of the importance of consumer credit and the economy is the current situation with Covid-19. I find this all relevant and interesting because I never knew before how the economy worked and how our banking system worked. I understand now how Covid-19 could cause the economy to crash because if consumers aren't working they aren't making money and therefore not using their credit cards which the economy needs to stay afloat.]]> 2020-12-02 15:23:40 UTC https://padlet.com/emilymalascalza/l10ycqcrekzk1qrs/wish/980148180