Now, consider your own credit situation, and write no more than one page of advice to yourself on how you could improve your credit rating. Comparing Credit Cards a. In one or two paragraphs, answer the following questions. Answer Key Exercises 1. Consumer Credit Laws 1.
Consumer credit is a loan, for the purchase of a personal or family item or commodity.
It comes with many legal and moral responsibilities and obligations. Among other reasons, our society is built on a structure that pressures consumers into thinking that they can be better individuals if they own more things. Closed-end credit is usually for a fixed amount and for a fixed term. Open-end credit is for a variable amount within a certain limit and does not have a fixed repayment schedule. . You should be able to define the five Cs of credit on your own.