MCS 2100 Lecture Notes - Lecture 6: Credit Counseling, Garnishment, Telephone Directory
14 Apr 2016
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Credit costs money; always weight the beneits of buying an item on credit now vs. waiing unil you have saved enough money to pay using cash. Financial insituions (as well as other insituions) are primary sources of credit: comes in all shapes and sizes. By evaluaing credit opions, you can reduce inance charges: reconsider decision for loan, discover a less expensive type of loan, or ind a lender that charges a lower interest rate. Before deciding whether or not to borrow money, ask these quesions: do i need a loan, can i aford a loan, can i qualify for a loan? (see ch. You should avoid credit in two situaions: 1st when you do not need or really want a product that requires inancing. Consider trade-ofs and opportunity costs involved: some stores ofer a discount when paid with cash. Two types of credit exist (as discussed in ch.
