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Ethical Actions Worksheet

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Submitted By jayr0412
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02/09/2007

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5
CONSUMER CREDIT
Credit Cards and Consumer Loans

Starting Point
Go to www.wiley.com/college/bajtelsmit to assess your knowledge of consumer credit.
Determine where you need to concentrate your effort.

What You’ll Learn in This Chapter
▲ Consumer credit options
▲ Credit card types
▲ Credit card risks

After Studying This Chapter, You’ll Be Able To
▲ Compare advantages and disadvantages of using consumer credit to make purchases ▲ Assess the various types of consumer credit
▲ Take steps to protect and establish good consumer credit
▲ Evaluate credit card alternatives, including terms and costs
▲ Predict the hazards of credit card use, including the risk of identity theft

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5.1 WHAT IS CONSUMER CREDIT?

INTRODUCTION
Learning how to manage consumer credit effectively by reducing reliance on high-cost borrowing is an important component of financial success. In this chapter, we first look at the types of consumer credit and then how to apply for credit. This chapter examines the advantages and disadvantages of credit and how to protect your credit and correct credit mistakes. Finally, it discusses credit cards in more detail, including their risks.

5.1 What Is Consumer Credit?
Any time you receive cash, goods, or services now and arrange to pay for them later, you are buying on credit. If you use credit for personal needs other than home purchases, you’re using consumer credit. You can borrow from a friend or family member, a firm with which you do business, or a financial institution
(e.g., bank, credit union, insurance company). The most common types of consumer credit are





Credit card accounts.
Automobile loans.
Home equity loans.…...

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