Question

advantages and disadvantages of credit​

Answer 1

Answer:

Advantages.

• Purchasing Power: Credit Cards enable users to make big ticket purchases they might not otherwise be able to afford.
• Rewards: Many cards offer rewards programs that will accrue points, discounts, or other benefits like frequent flyer miles.
• Convenience: Credit cards reduce the need to carry cash.

Disadvantages.

1. Blowing Your Budget -- The biggest disadvantage of credit cards is that they encourage people to spend money that they don't have.
2. High Interest Rates and Increased Debt -- Credit card companies charge you an enormous amount of interest on each balance that you don't pay off at the end of each month.

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Answer 2

Purchase Power and Ease of Purchase - Credit cards can make it easier to buy things. If you don't like to carry large amounts of cash with you or if a company doesn't accept cash purchases (for example most airlines, hotels, and car rental agencies), putting purchases on a credit card can make buying things easier.

Protection of Purchases - Credit cards may also offer you additional protection if something you have bought is lost, damaged, or stolen. Both your credit card statement (and the credit card company) can vouch for the fact that you have made a purchase if the original receipt is lost or stolen. In addition, some credit card companies offer

insurance on large purchases

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