ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Additional fees
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Convenience
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Ability to purchase expensive items sooner
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Having it available for Emergencies
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Detailed explanation-1: -Using credit also has some disadvantages. Credit almost always costs money. You have to decide if the item is worth the extra expense of interest paid, the rate of interest and possible fees. It can become a habit and encourages overspending.
Detailed explanation-2: -Through credit usage, the users cannot able to manage all their financial activities and it may lead to slowing down the financial goals.
Detailed explanation-3: -Charge card disadvantages The one major disadvantage of using a charge card instead of using a credit card, is that charge cards tend to come with some fairly sizeable fees that must be paid annually.
Detailed explanation-4: -Minimum due trap. The biggest con of a credit card is the minimum due amount that is displayed at the top of a bill statement. Hidden costs. Easy to overuse. High interest rate. Credit card fraud.