ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Credit allows you to pay for major purchases over time
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Credit cards are more convenient than carrying cash
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Credit cards create debt
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Credit can provide emergency funds
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Detailed explanation-1: -Credit card debt is a type of unsecured liability that is incurred through revolving credit card loans. Borrowers can accumulate credit card debt by opening numerous credit card accounts with varying terms and credit limits. All of a borrower’s credit card accounts will be reported and tracked by credit bureaus.
Detailed explanation-2: -Credit can be a powerful tool that helps you improve your finances, get access to better financial products, save money on interest, and can even save you from putting down a deposit opening utility or cell phone accounts.
Detailed explanation-3: -The correct answer is option d. It often leads to impulsive buying. Having a credit card has both benefits and drawbacks.
Detailed explanation-4: -You’ll have an easier time renting an apartment. You’ll get the best rates on car and homeowners insurance. It’s cheaper to borrow money. You’ll be better prepared for the future. You can access perks and enjoy the best rewards. More items