The benefits of using a credit card and any disadvantages involved in it

Question

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Answer 1

Question

Chapter 8, Problem 1RQ

Summary Introduction

To discuss: The benefits of using a credit card and any disadvantages involved in it

Expert Solution & Answer

Explanation of Solution

The advantages of credit cards include:

Credit cards permit the ease of buying products and services without bringing a checkbook or a huge amount of cash.
Credit cards offer free financing to users until the statement of credit card arrives.
Credit cards also provide rewards programs that will accrue discounts, points, and other benefits.

The major disadvantage is that:

Credit card tempts the users to spend beyond their requirements.
Increased debt and high rate of interest.

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Answer 2

Question

Chapter 8, Problem 1RQ

Summary Introduction

To discuss: The benefits of using a credit card and any disadvantages involved in it

Expert Solution & Answer

Explanation of Solution

The advantages of credit cards include:

Credit cards permit the ease of buying products and services without bringing a checkbook or a huge amount of cash.
Credit cards offer free financing to users until the statement of credit card arrives.
Credit cards also provide rewards programs that will accrue discounts, points, and other benefits.

The major disadvantage is that:

Credit card tempts the users to spend beyond their requirements.
Increased debt and high rate of interest.

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Answer 3

Question

Chapter 8, Problem 1RQ

Summary Introduction

To discuss: The benefits of using a credit card and any disadvantages involved in it

Expert Solution & Answer

Explanation of Solution

The advantages of credit cards include:

Credit cards permit the ease of buying products and services without bringing a checkbook or a huge amount of cash.
Credit cards offer free financing to users until the statement of credit card arrives.
Credit cards also provide rewards programs that will accrue discounts, points, and other benefits.

The major disadvantage is that:

Credit card tempts the users to spend beyond their requirements.
Increased debt and high rate of interest.

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Answer 4

Question

Chapter 8, Problem 1RQ

Summary Introduction

To discuss: The benefits of using a credit card and any disadvantages involved in it

Expert Solution & Answer

Explanation of Solution

The advantages of credit cards include:

Credit cards permit the ease of buying products and services without bringing a checkbook or a huge amount of cash.
Credit cards offer free financing to users until the statement of credit card arrives.
Credit cards also provide rewards programs that will accrue discounts, points, and other benefits.

The major disadvantage is that:

Credit card tempts the users to spend beyond their requirements.
Increased debt and high rate of interest.

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Answer 5

Chapter 8, Problem 1RQ

Summary Introduction

To discuss: The benefits of using a credit card and any disadvantages involved in it

Expert Solution & Answer

Explanation of Solution

The advantages of credit cards include:

Credit cards permit the ease of buying products and services without bringing a checkbook or a huge amount of cash.
Credit cards offer free financing to users until the statement of credit card arrives.
Credit cards also provide rewards programs that will accrue discounts, points, and other benefits.

The major disadvantage is that:

Credit card tempts the users to spend beyond their requirements.
Increased debt and high rate of interest.

Answer 6

Chapter 8, Problem 1RQ

Summary Introduction

To discuss: The benefits of using a credit card and any disadvantages involved in it

Expert Solution & Answer

Explanation of Solution

The advantages of credit cards include:

Credit cards permit the ease of buying products and services without bringing a checkbook or a huge amount of cash.
Credit cards offer free financing to users until the statement of credit card arrives.
Credit cards also provide rewards programs that will accrue discounts, points, and other benefits.

The major disadvantage is that:

Credit card tempts the users to spend beyond their requirements.
Increased debt and high rate of interest.

Answer 7

Chapter 8, Problem 1RQ

Summary Introduction

To discuss: The benefits of using a credit card and any disadvantages involved in it

Answer 8

Expert Solution & Answer

Explanation of Solution

The advantages of credit cards include:

Credit cards permit the ease of buying products and services without bringing a checkbook or a huge amount of cash.
Credit cards offer free financing to users until the statement of credit card arrives.
Credit cards also provide rewards programs that will accrue discounts, points, and other benefits.

The major disadvantage is that: