Credit. Consumer Economics. What is credit?. The ability to borrow money now with the promise that you will repay it in the future. “Buy now, pay later”. How credit works…. Credit comes in a variety of shapes and sizes. $1 purchase on a credit card (gum) $50 purchase on a credit card (gas)
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You are paying money to spend money
Interest rates may be high
Easier to spend recklessly and get in debt
Buy things you don’t need, can’t afford.
Watch out for….
High interest rates