NEED TO DISCUSSION ABOUT THIS PROVIDING AN EXAMPLE

Interest rates are nothing more than a fraction sometimes represented as a decimal or a percent. Interest rates impact all of us both professionally and personally. One area of great concern are interest rates and how they apply to credit card debt.

Research interest rates and consumer debt using both your personal/professional experience and independent research, respond to the following:

• How has consumer debt changed over the past few generations?
• What role do interest rates play in consumer debt?
• What are the typical interest rates applied to credit cards, mortgages, and other debt?
• 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?