The amount of money an individual or household has available to spend on goods and services. It is determined by factors such as income, expenses, and savings. Spending power can vary greatly among individuals and can be influenced by economic conditions, such as inflation or recession. It is an important indicator of consumer behaviour and can impact overall economic growth.
No, the government cannot directly limit how much money you can spend. However, certain laws and regulations may indirectly affect your spending power, such as taxes or restrictions on certain goods or services.
Yes, businesses generally have the right to refuse certain payment methods, as long as they do not discriminate against protected classes. For example, they cannot refuse to accept your payment based on your race or religion.
Yes, if you believe a business has overcharged you, you may have grounds to file a lawsuit. It is important to gather evidence and consult with an attorney to determine the best course of action.
In most cases, landlords are required to provide notice before increasing rent. The specific notice period may vary depending on local laws and the terms of your lease agreement.
Yes, if you owe a debt and fail to make payments, a creditor may seek a court order to garnish your wages. However, there are legal limits on how much can be garnished, and certain types of income may be exempt.
In general, you are not personally responsible for your spouse’s debts unless you have co-signed or guaranteed the debt. However, community property laws in some states may hold both spouses responsible for certain debts incurred during the marriage.
Yes, if you fail to make payments on your credit card bills, the credit card company may take legal action to recover the debt. This can include filing a lawsuit against you.
No, you cannot be arrested solely for not paying your debts. However, if you fail to comply with a court order related to your debt, such as ignoring a subpoena or failing to appear in court, you may face legal consequences.
Yes, if you believe there is an error or unauthorized charge on your credit card statement, you have the right to dispute it. Contact your credit card company and follow their dispute resolution process.
Eviction laws vary by jurisdiction, but many places have implemented temporary protections during the COVID-19 pandemic to prevent evictions for non-payment of rent. It is important to check your local laws and seek legal advice if you are facing eviction.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 13th April 2024.
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