Benefits
Advantages and disadvantages
Credit has both advantages and disadvantages. By using it wisely,
you can capitalize on the advantages and reduce the disadvantages.
Advantages
- Ability to buy needed items now
- Don't have to carry cash
- Creates a record of purchases
- More convenient than writing checks
- Consolidates bills into one payment
Disadvantages
- Higher cost of items (interest and finance charges)
- May include additional fees also
- Financial difficulties may arise if you lose track of how much
you spend each month
- Provides an avenue for increased impulse buying
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