Answered: Support your answer using at least two…

Business

Accounting

Support your answer using at least two concrete examples.

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter5: Managing Checking And Savings Accounts

Section: Chapter Questions

Problem 4LTAI

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Concept explainers

Debt Management

Debt management is an agreement between a debtor and an unsecured creditor to manage the terms of outstanding debt. Debt management is done to protect both the debtor's and the unsecured creditor's interests. The debt management agreement specifies the terms and conditions for repaying the outstanding debt, as well as the interest rate and loan term.

Question

Many people are still afraid and hesitant to utilize online payment systems or digital banking to pay for their bills, exchange money for their desired goods and services, and rely on the manual, face-to-face payment system. How would the banks encourage more people to lessen their doubt about these methods and utilize the modern payment system for safer, faster, and more efficient transactions? Support your answer using at least two concrete examples.

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