Consumer finance in the context of "Financial services"

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⭐ Core Definition: Consumer finance

Personal finance is the financial management that an individual or a family unit performs to budget, save, and spend monetary resources in a controlled manner, taking into account various financial risks and future life events.

When planning personal finances, the individual would take into account the suitability of various banking products (checking accounts, savings accounts, credit cards, and loans), insurance products (health insurance, disability insurance, life insurance, etc.), and investment products (bonds, stocks, real estate, etc.), as well as participation in monitoring and management of credit scores, income taxes, retirement funds and pensions.

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👉 Consumer finance in the context of Financial services

Financial services are economic services tied to finance provided by financial institutions. Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance.

The terms finance industry and financial services industry in their most common sense concern commercial banks that provide market liquidity, risk instruments, and brokerage for large public companies and multinational corporations at a macroeconomic scale that impacts domestic politics and foreign relations. The extragovernmental power and scale of the finance industry remains an ongoing controversy in many industrialized Western economies, as seen in the American Occupy Wall Street civil protest movement of 2011.

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Consumer finance in the context of Private debt

In economics, consumer debt is the amount owed by consumers (as opposed to amounts owed by businesses or governments). It includes debts incurred on purchase of goods that are consumable and/or do not appreciate. In macroeconomic terms, it is debt which is used to fund consumption rather than investment.

The most common forms of consumer debt are credit card debt, payday loans, student loans and other consumer finance, which are often at higher interest rates than long-term secured loans, such as mortgages.

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LINKED FROM (PARENTS)
← Financial services ← Private debt ← Financial sector ← Finance industry ← Consumer debt ← Financial product
LINKS TO (CHILDREN)
Financial management → Personal budget → Financial risk → Checking account → Savings account → Credit card → Loan → Health insurance → Disability insurance → Life insurance → Bond (finance) → Capital stock → Real estate → Credit score → Income tax → Retirement plans in the United States → Pension →