Godd Is S1

In: Business and Management

Submitted By happyxianxiao
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Chapter 5
Consumer Credit: Advantages, Disadvantages, Sources, and Costs

McGraw-Hill/Irwin

Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.

Consumer Credit
Chapter Objectives
1. Analyze advantages and disadvantages of using consumer credit 2. Assess the types and sources of consumer credit 3. Determine whether you can afford a loan and how to apply for credit 4. Determine the cost of credit by calculating interest using various interest formulas 5. Develop a plan to protect your credit and manage your debts
5-2

Objective 1
Analyze Advantages and Disadvantages of Using Consumer Credit • 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
5-3

Uses and Misuses of Credit
• Before you use credit for a major purchase, consider:
– – – – – – Do I have the cash for the down payment? Do I want to use my savings for this purchase? Does the purchase fit my budget? Could I use the credit I’ll need in some better way? Can I postpone this purchase? What are the opportunity costs of postponing this purchase? – What are the dollar and psychological costs of using credit for this purchase?

5-4

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
5-5

Advantages of Credit
• One monthly payment • Safer than carrying cash • Needed for hotel reservations, car rentals, and shopping online • Take advantage of float time/grace period • Rebates, airline miles, or other bonuses • Credit…...

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