MCS 2100 Lecture Notes - Lecture 5: Transunion, Social Insurance Number, Fico

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2100
• Professor: Rosemary Vanderhoeven

Document Summary

When you use credit, you satisfy needs today and pay for this satisfaction in the future: responsibilities and disadvantages are associated with its use, even with its reap of benefits. Paying later for goods and services obtained now. Most consumers have three alternatives in financing current purchases: they can draw on their savings, use their present savings, or borrow against their future expected income: each has a trade-off. If you continually deplete savings, little will be left for emergencies or retirement income. If you spend current income on luxuries vs. necessities, your financial well-being will be affected. If you pledge your future income to make current credit purchases, you will have little or no spendable income in the future. Co(cid:374)su(cid:373)e(cid:396) (cid:272)(cid:396)edit (cid:271)ased o(cid:374) t(cid:396)ust i(cid:374) people"s a(cid:271)ilit(cid:455) a(cid:374)d (cid:449)illi(cid:374)g(cid:374)ess to pa(cid:455) (cid:271)ills when due. Read on p. 144 (not terribly important but has some useful info)