common forms of consumers credit

Question 1

`Interest

Answer 1

is money you own in addition to the money you borrow. it is a monthly thing as long as u own money.

Question 2

Charge account

Answer 2

Rather than paying with cash , a customer buys items then is charged monthly.

Question 3

installment plans

Answer 3

when a customer makes a down payment on an item ,then make monthly payment until the item is paid for.

Question 4

personal loan

Answer 4

a loan given by a bank or credit union to an individual.. secured loan

Question 5

credit card

Answer 5

with a credit card you are borrowing from a bank , little by little at time, it has a spending limit , depending on the customer credit score. as well as annual fees ( yearly charged fees