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27 Pages • Complete Study Notes • Year Uploaded: 2023
● Credit - An arrangement to receive cash, goods or services now, and pay for them in the future - Based on trust in people’s ability and willingness to pay bills when due ● Consumer credit - Use of credit by individuals for personal needs, except a home mortgage - A major force in our economy ● Advantages of Credit ➢ Current use of goods and services ➢ Permits purchase even when funds are low ➢ A cushion for financial emergencies ➢ Advance notice of sales ➢ Easier to return merchandise ➢ Convenient when shopping ➢ Provides a record of expenses ➢ One monthly payment ➢ Safer than carrying cash ➢ Needed for hotel reservations, car rentals, and shopping online ➢ Take advantage of float time/grace period ➢ Credit indicates financial stability ➢ Rebates, airline miles, or other bonuses
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