Debt is anything that is owed such as notes or mortgages. Financial circumstances can change peoples view on their self-worth both negatively and positively (Depending if it is good or bad). Negative credit reports can stay there for as long as seven years. There has been couples that have broken up due to debt and some that grew closer when they got out of debt. If one gets too far into debt, they may have to file for bankruptcy, which can stay on a credit report as long as ten years. The main way to stay out of this situation is to figure out a budget and only spend the money you can afford. Some people have trouble with this because spending money makes their self-worth increase. I have had a credit card for two years and have a good score. Bankruptcy is outstanding debts that one is liable to pay through court. There are two different versions shown in the infographic below and just how to avoid it. Some steps one could take would be to sell assets or live on a simple budget. Watch the video below form more steps to take. Lastly,  credit is borrowing money from someone such as almoner so you can buy an item if you don't currently have the money. Some common pitfalls might be spending what your can't afford, signing up for too many cards at once, or co-signing with someone that is not financially stable. The Consumer Credit Protection act states the following: 

"you cannot be denied a credit card because you are a single woman. You can limit your risk if a credit card is lost or stolen. and you cannot have your credit card shut off because you reached the age of 62." I think the information learned throughout this chapter has reassured me the importance of only spending money on what is necessary or making sure I have the money to pay it back. It also emphasized on how to handle money maturely and the importance of knowing your rights so one does not get in a predicament such as bankruptcy. 

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Goldsmith, E. B. (2017). Consumer Economics Issues and Behaviors. (pgs. 477-488) Retrieved June 18, 2019, from https://ebookcentral.proquest.com/lib/mcneese/reader.action?docID=4556508