It is important that consumers understand and maximize all of their assets, especially if they are trying to apply for a loan or looking to establish a secure financial future.
BOSTON (PRWEB) September 30, 2019
An asset is something a consumer owns that provides economic value. Assets can include, but are not limited to cash, stocks, inventory, investments, trademarks or patents. To help, national nonprofit American Consumer Credit Counseling (ACCC) explains different types of assets consumers may have.
“Assets are resources that have economic value and can create future benefits, such as reducing expenses, and generating cash flow,” said Steve Trumble, President and CEO of American Consumer Credit Counseling. “It is important that consumers understand and maximize all of their assets, especially if they are trying to apply for a loan or looking to establish a secure financial future.”
According to Bookings, US households had over $113 trillion in assets in 2018. The study also found that about 72 percent of all household assets are in the form of financial assets, such as retirement accounts, stocks or mutual funds, and businesses. The other 28 percent of household assets were nonfinancial and made up mostly of real estate.
ACCC explains 5 different types of assets.
1. Intangible assets – Intangible assets are not physical and can include permits, trademarks, patents, copyrights, good will, etc.
2. Tangible assets – Tangible assets are physical things and include property, bonds, cash, stocks, etc.
3. Current assets – Current assets, also known as liquid assets, can easily be converted into cash. Examples of current assets include cash equivalents, short-term deposits, stock and cash.
4. Fixed assets – Fixed assets, such as patents or trademarks, cannot be easily converted into cash.
5. Financial assets – Financial assets’ value is based on a contract and includes bonds, derivates, stocks and cash.
ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:
- For credit counseling and student loan counseling, call 800-769-3571
- For bankruptcy counseling, call 866-826-6924
- For housing counseling, call 866-826-7180
- Or visit us online at http://www.ConsumerCredit.com
About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt management, bankruptcy counseling, housing counseling, student loan counseling and financial education concerning debt solutions. To help consumers reach their goal of debt relief, ACCC provides a range of free consumer personal finance resources on a variety of topics including budgeting, credit and debt management, student loan assistance, youth and money, homeownership, identity theft, senior living, and retirement. Consumers can use ACCC’s worksheets, videos, calculators, and blog articles to make the best possible decisions regarding their financial future. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). For more information or to access free financial education resources, log on to ConsumerCredit.com or visit http://www.consumercredit.com/financial-education.aspx