Nice Bank managers: Would you answer these three questions?!
Question: I have to interview a bank manger for my Economics class in school. Would you kindly answer these questions? *Remember: whoever answers them well gets ten points!*
1. What are the appropriate uses of credit?
2. How can you avoid the pitfalls of not using credit wisely?
3. What precautions can you take so that you do not become one of the thousands who have accumulated more debt than you can ever expect to pay off in a reasonable amount of time?
Answers: I have to interview a bank manger for my Economics class in school. Would you kindly answer these questions? *Remember: whoever answers them well gets ten points!*
1. What are the appropriate uses of credit?
2. How can you avoid the pitfalls of not using credit wisely?
3. What precautions can you take so that you do not become one of the thousands who have accumulated more debt than you can ever expect to pay off in a reasonable amount of time?
1. The appropriate uses of credit are for necessary large purchases where liquid cash may not be available at the immediate time, ie emergencies.
2. See the above answer which generally means do not use your credit cards for such purchases as groceries and entertainment.
3. When making a purchase, always pay at least double the minimum monthly payment. The idea with credit purchases is to pay them off as quickly as possible to avoid interest. My colleagues would cringe if they knew I was giving you this advice now because we make our profits from interest and fees so don't tell them. LOL
I hope this helps for your class.