Adoption Agriculture Alimony Alt. Death Wrongful Employ. Subscribe to our Consumer Legal'zine. In this country, at any given time, the vast majority of Americans have installment debts outstanding. We have financed credit purchases for cars, appliances, vacation trips and a host of other goods and services.
Credit is an essential fact of our lives.
The ability to obtain and use credit, or losing that ability, has a serious impact on our quality of life. A. Credit allows a consumer to purchase goods and services and pay for them in installments or in lump sum at a later date. Additionally, every state has laws that apply to credit practices, including how debts may be collected. The ECOA requires that a borrower be evaluated on the basis of credit-worthiness only. The law applies to creditors who regularly engage in the business of extending credit, such as banks, credit card companies, finance companies and credit unions.