4-8-19 - ● Credit ○ An arrangement to receive cash...

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Credit An arrangement to receive cash, goods, or services now and pay for them in the future Three Types of Credit Installment Credit You borrow money and promise to repay in equal amounts over a specific period of time (usually monthly) Open Credit This type of credit requires that all money borrowed must be repaid I full at the end of every month Revolving Credit This is credit that allows you to borrow a pre-established amount (repeatedly) as long as your account is in good standing If you choose to pay the minimum amount (usually around 4%) then you most likely will stay in debt for a very long time Advantages of Credit Provides a cushion when your funds get low, details records of expenditures Rewards and Incentives Using credit also helps you build credit, which can help you get loans: But using credit can also lead to bad credit if not taken care of…
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