Question

An essay on buying things in installments

Answer 1

Instalment scheme is a business scheme which enables a person to buy costly goods in convenient parts of payment. In favor :- There are many advantages of instalments. Instalment scheme helps the low income persons to buy costly goods. The customers had to pay only a little amount of money at the time of purchase and the rest of the amount is paid in several parts over a period of time. When the person pays off all the instalments he is out of debt and he is the official owner of that good. In against of:- At the time of purchase the customer doesn't pay additional charges but during the instalments they have to pay additional charges in form of interest. They face many financial problems. To pay these instalments they borrow money from money lenders and in this way they keep taking loans and fall in debt. Hence instalments keeps a person completely in debt.

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