Which of the following is a disadvantage of Hire Purchase to the consumer?

Assessment: WAEC SSCE - Commerce - 1989 (Objective) Subject: Commerce

Question 1 Report

Which of the following is a disadvantage of Hire Purchase to the consumer?
Answer Details
The disadvantage of hire purchase to the consumer is the temptation to buy more than they can pay for. This is because hire purchase allows the consumer to pay for a product in installments over time, which may lead to them overspending beyond their means. This can result in the accumulation of debt and financial stress. It is essential for consumers to carefully consider their budget and ability to make repayments before entering into a hire purchase agreement.
Read lesson note on Elements Of Business Management (JAMB)
Read lesson note on Financing Business (JAMB)
Read lesson note on Commerce (JAMB)
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