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GITMAN/ JOEHNK/ BILLINGSLEY N4
6
Using Credit
Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
LEARNING OUTCOMES
1 Describethereasonsforusingconsumercreditand identifyitsbenefitsandproblems
2 Developaplantoestablishastrongcredithistory
3 Distinguishamongthedifferentformsof open accountcredit
4 Applyfor,obtain,andmanageopenformsof credit
Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
PFI4 | CH6
LEARNING OUTCOMES (continued)
5 Choosetherightcreditcardsandrecognizetheir advantagesanddisadvantages
6 Avoidcreditproblems,protectyourself against creditcardfraud,andunderstandthepersonal bankruptcyprocess
Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
PFI4 | CH6
The Basic Concepts of Credit
• Why we use credit
• Avoid paying cash for large outlays • Meet a financial emergency
• Convenience
• Investment purposes
• Improper uses of credit
• Meet basic living expenses • Make impulse purchases
• Purchase non-durable goods
Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
PFI4 | CH6
Credit Crisis on Borrowers
ouseholds were unable to repay the mortgages
onthly consumer credit payments (excluding mortgage) should not exceed 20% of monthly net income
ebt Safety Ratio =
Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in ymentsFI4 | CH6
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