ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Having credit enables consumers to buy goods or assets without having to pay for them in cash at the time of purchase.
Detailed explanation-2: -consumer credit, short-and intermediate-term loans used to finance the purchase of commodities or services for personal consumption or to refinance debts incurred for such purposes. The loans may be supplied by lenders in the form of cash loans or by sellers in the form of sales credit.
Detailed explanation-3: -Consumer credit falls into two broad categories: Closed-end (installments) Open-end (revolving)
Detailed explanation-4: -Carrying a balance month-to-month. Only making minimum payments. Missing a payment. Neglecting to review your billing statement. Not knowing your APR and applicable fees. Taking out a cash advance. Not understanding introductory 0% APR offers. More items