Credit and Borrowing

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Credit and Borrowing

When you don't have cash to pay for goods and services, credit can be a helpful tool. Using credit is convenient, allows you to own and enjoy high dollar items before you have enough money to pay for them, and makes shopping by phone and internet possible. What's more, if you use credit to purchase an item and later discover that it's defective, chances are it will be easier to resolve your problem if you used credit to make the purchase.

However, credit has its disadvantages. Credit commits future income and encourages impulse buying. Interest and other finances charges almost always make using credit more expensive than purchasing with cash.

To learn to use credit wisely and to your advantage, select a topic. Find out how credit can be a TOOL....not a TRAP.

University of Arkansas • Division of Agriculture
Cooperative Extension Service
2301 South University Avenue
Little Rock, Arkansas 72204 • USA
Phone (501) 671-2000 • Fax (501) 671-2209

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