ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Your health may deteriorate.
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If you are married, it could cause your partner to divorce you.
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You can’t get the job you want.
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All of the above.
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Detailed explanation-1: -A poor credit history can have wider-ranging consequences than you might think. Not only will a spotty credit report lead to higher interest rates and fewer loan options; it can also make it harder to find housing and acquire certain services. In some cases it can count against you in a job hunt.
Detailed explanation-2: -The primary factors that affect your credit score include payment history, the amount of debt you owe, how long you’ve been using credit, new or recent credit, and types of credit used. Each factor is weighted differently in your score.
Detailed explanation-3: -Payment history. Payment history is the most important factor influencing your credit score – accounting for 35% of the total score. Amounts owed. Length of credit history. New credit. Credit mix. 30-Dec-2022
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.