Credit: Benefits and Drawbacks

By: Chris and Samuel Clay Higgins ;)

What is credit?

Credit allows you to obtain something you want without waiting until you can save the entire purchase.

What are some benefits of credit?

You can obtain objects you can not afford and make monthly payments on them.

How can one practice good credit?

One can practice good credit by making their monthly payments on time.

What are the drawbacks of credit?

Credit is easily available so consumers will impulse buy.

What are some examples of impulse buys?

What is bankruptcy?

Bankruptcy is the inability to pay debts.

What happens when you hit bankruptcy?

A bankruptcy judgement remains on your credit rating for 7 to 10 years. It makes it almost impossible to get a loan.
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