https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0 en-us 2023-11-27 03:39:42 UTC 2023-11-28 02:57:22 UTC hello@padlet.com geraldmckay1_ https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803434518 This wall has the purpose of explaining the Importance of consumer credit on economy. Utilizing many websites and other media, the goal is to provide this information in a way that is easy to read through and have better understanding of the impact of consumer credit on the economy.]]> 2023-11-27 03:39:59 UTC https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803434518 geraldmckay1_ https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803434842 This website is very informative about the importance of consumer credit. It provides information about the consumer’s impact on the economy and how the credit system works.  The website shares how consumer’s purchases and spending habits are a huge cog in the economic machine which helps grow the economy itself.

I found this website very interesting and informative about the topic. It expanded my knowledge about how important consumer credit is for the economy.]]> 2023-11-27 03:40:22 UTC https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803434842 geraldmckay1_ https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803435369 This website provides excellent information about what consumer credit is and how the everyday consumer purchases can impact the economy. It illustrates how consumers influence the investors which in turn has influence on the market and thus affects the economy. It explains why credit is important due to it being very volatile. This is because the consumer credit can either boost the economy positively when debt is created and paid off, or cause it to go into a recession if credit is bad due to lack of debt payments.

I picked this website because it provides a specific view on the importance of good consumer credit. This website expanded my knowledge on how credit can be a major factor for a recession or economic recovery and growth.]]> 2023-11-27 03:40:50 UTC https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803435369 geraldmckay1_ https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803435619 This website is great at explaining the different types of consumer credit. With mortgages and non mortgage debt the economy can grow or recess depending upon the spending habits of the consumers. When consumers spend more the economy thrives due to increasing debt and credit. The increase in debt via borrowing creates needs for jobs which in turn creates more production and creates a cycle. This cycle however has weakness, if consumer credit drops from an increase in debt the economy will likely recess.

I felt this website was very important to add to my wall due to the facts it presented. With the economy acting like a machine it requires all parts to work smoothly and if a piece gets damaged it can cause the whole machine to fail.]]> 2023-11-27 03:41:05 UTC https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803435619 geraldmckay1_ https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803436056 This website was very informative and had a very intriguing perspective on how the economy is held up by consumer credit. The pdf expands upon the previous economic crises and how they were heavily influenced by consumer credit. This paper also explains how the economy could face disaster if consumer credit declined or didn’t exist. This paper is very useful because it offers a different perspective than most because it shows how the economy can be affected by consumer credit and crucial it is to have a healthy economy.

When reading this article I found information that none of my other selections have provided. This view was very interesting because it uses past crises and economic trends and compared them to the status of consumer credit.]]> 2023-11-27 03:41:36 UTC https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803436056 geraldmckay1_ https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803436646 This video is so informative. It provides some insight into the history of banking which created the idea of credit from borrowing money from banks and paying back what was borrowed. This allows consumers to borrow money to purchase goods and pay them off later through debt to the bank. This video explains how the banks have to lend money carefully as to protect the economy from crises such as their example of the 2008 housing crisis.

I believe that this video shows how the consumers have a lot of weight on the economic scale and can influence the economy in many ways from their credit. This video cements the point that consumer credit is very important to the economy’s health.]]> 2023-11-27 03:42:18 UTC https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803436646 geraldmckay1_ https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803436846 This video starts with information about an example market of car sales. It illustrates the associated percentages for which method consumers had used to purchase their vehicles, with majority using credit. The video then shows how how the consumer needs have changed over the last century, and how the wages have increased. This has resulted in economic growth and incentive to build credit. Lastly, the video brings up the possible risk to the economy with increasing debt, due to the potential for the consumers not paying.

I found this video to have a large amount of information in a nice concise manner. The video had many good points about the importance of consumer credit in the economy.]]> 2023-11-27 03:42:32 UTC https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803436846 geraldmckay1_ https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803437036 I found the hook of this video to be very intriguing. The speaker gives a brief overview of some recent consumer trends and how many  people are concerned about the decrease in sales. The video then mentions that the consumers drive the economy. The video the goes on to say how the consumers have a lot of influence on the economy. Using the example of fear of job loss, the economy would be impacted due to consumer confidence diminishing and sale takings a hit from it.

This video further illustrates how consumers have importance to the economy and can impact it dramatically. I found this video very informative to the topic.]]> 2023-11-27 03:42:46 UTC https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803437036 geraldmckay1_ https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803437325 To start, the video refreshes the knowledge of what the economy is in a brief summary. An economy occurs when transactions occur. The video states that credit is the most important element in the economy while also being the least known. The video shows that while credit is the most volatile component in the economy it can allow both parties of the transaction to benefit.  Credit allows for consumer purchases which grows the economy by increasing the amount of transactions.

I picked this video because it is very enlightening from the information given. I found the speaker to illustrate what an economy and how all the pieces of it work. I also found it interesting how much consumer credit can affect the economy.]]> 2023-11-27 03:43:05 UTC https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803437325 geraldmckay1_ https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803437492 This picture is a great summary of key points about credit. It quickly describes credit, how it is obtained and earned through day-to-day consumer trading, and that it is very important for the economy.

This image was chosen because it is a very simple way to summarize what credit is and how it impacts the economy.]]> 2023-11-27 03:43:17 UTC https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803437492 geraldmckay1_ https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803438606 This image is a pie chart illustrating the gross domestic product. Consumer spending is a huge part of the economy and has huge power in the health of it. 

I picked this image because it is a great visual aid for many of my previous posts showing the importance of consumers.]]> 2023-11-27 03:43:32 UTC https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803438606 geraldmckay1_ https://padlet.com/geraldmckay1_/rgw5jju95fuyabl0/wish/2803438926 1.  What did you learn about your topic that surprised you the most?

I found the fact that consumer credit is a huge portion of the economy and is very important and impactful.

2.  Provide a real-life example of how this topic is relevant or interesting for you?

This topic is relevant to me because I am looking to get a credit card to be able to start building my credit.

3.  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 believe I would tell my friends to build their credit but in smart ways to not risk going into debt by making mistakes when paying back.



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