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M3 A1

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1. How is consumer debt different today than in the past?
2. What role do interest rates play in mounting consumer debt?
3. What are the typical interest rates applied to credit cards, mortgages, and other debt?
4. Many of today’s interest rates are variable rather than fixed. What difference does this make to pension plans, housing loans, and other personal finances?

1. In 1980, where the "Consumer Age" began and rose all the way through 2007, beginning the Great Recession. Since then, overall debt levels have been rising at fastest rates.

2. Although there are various types of APRs, the more money you borrow, the more you need to pay back.

3. According to bankrate.com, credit cards have a typical 15.72% interest rate. Mortgages depend on the type of rate chosen. Either 30-year fixed (3.98%), 15-year fixed (3.23%), 5/1 ARM (3.31%), or 30 year jumbo (3.87%). As to other debt, it depends on what bank is used and type of loan is taken out.

4. The beginning interest rate depends on the type of loan and its amount. The interest rate on the overall loan is decided on the market for a variable interest rate loan. The main advantage of variable interest rate is having the interest payments drop if the beginning interest rate drops according to the market. Making it a disadvantage if the opposite were to happen. The interest rate for fixed interest rate is determined by the bank and will remain fixed for the loan’s term. In general, it is best to find a fixed interest rate because one will have a consistent payment.

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