Question

Understand consumer debt and the effects it had on the economy at the time. Reply shortly.

Answer 1

[AI-generated answer — Bot GPT 3.5]

Consumer debt is the amount of money owed by individuals for goods and services purchased on credit. Excessive consumer debt can lead to economic problems such as reduced consumer spending, lower economic growth, and increased financial instability. During times of high consumer debt, there may be a decrease in overall spending, which can negatively impact businesses and ultimately the economy as a whole. It is important for individuals to be cautious about taking on too much debt in order to maintain a healthy and stable economy.