What are the advantages and disadvantages of using credit?
Answer to relevant QuestionsThe Equal Credit Opportunity Act prohibits creditors from denying credit for what reasons? If you are denied credit, do you have the right to know the reason for the denial? What are three advantages of using a credit card? Can you think of any disadvantages? What are the three methods used by financial institutions to calculate finance charges on outstanding credit card balances? Briefly describe how interest is computed under each method. What is a grace period? How can you use it to your advantage? Eileen (from question7) wants a car that costs $ 12,000. How long would it have taken Eileen to save for the outright purchase of the car if she did not have any credit card debt and used the interest payments to save for ...
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