Consumer credit is the amount of credit used by consumers to purchase non-investment goods or services that are consumed and whose value depreciates quickly. This includes automobiles, recreational vehicles (RVs), education, boat and trailer loans but excludes debts taken out to purchase real estate or margin on investment accounts. For example, a mortgage for purchasing a house is not consumer credit. However, the 52 inch television you put on your credit card is.
It's never to early to start planning your retirement and you can get a head start by subscribing to our Retirement newsletter. For the latest in social security tips, retirement planning advice and the tools you need to make the most of your retirement savings.