ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Increase your standards of living
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Safer than cash
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Buying power
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Can tie up future income
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Detailed explanation-1: -Future income is tied up in credit payments. If you use credit, part of everything you earn in the future will go toward what you bought in the past. Extra fees add to the total cost. Credit card companies are collecting higher late and over-the-limit fees which add to the total cost of credit.
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: -There are many different forms of credit. Common examples include car loans, mortgages, personal loans, and lines of credit.
Detailed explanation-4: -Earning Rewards. Earning rewards can be a great advantage of having a credit card. Help Building Credit. A good credit score can help you get better interest rates for things like car loans, personal loans and mortgages. Digital Tools and Account Management. Unauthorized Charges Protection. 08-Nov-2022