Types Of Consumer Credit
Muhtasari
Very few consumers pay for everything in cash at the point of sale. From a monthly phone contract to a family car bought on hire purchase, credit allows people to enjoy goods and services now while spreading the cost over time. For businesses, offering credit can boost sales and build customer loyalty, but it also introduces the risk of non-payment.
In this lesson you will explore the main types of consumer credit, compare their costs and conditions, calculate simple interest charges, and evaluate the advantages and drawbacks of credit for both buyers and sellers. These concepts appear regularly on the Edexcel Commerce paper, often in data-response questions that ask you to advise a consumer or a business on the most suitable credit arrangement.
Malengo
- Understand different types of credit available to consumers: credit sale, hire purchase, store card, credit card, informal credit
- Understand the appropriateness of different forms of credit in different situations
- Calculate cost associated with different forms of credit
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- Under a hire purchase agreement, when does ownership of the goods transfer to the buyer? A) At the time of purchase B) When the deposit is paid C) When the final instalment is paid D) After 12 months Answer: C
- Which of the following is an example of trade credit? A) A consumer using a credit card in a shop B) A supplier allowing a retailer 30 days to pay an invoice C) A bank lending money to a homebuyer D) A customer paying by debit card Answer: B
- What does APR stand for? A) Average Payment Rate B) Annual Percentage Rate C) Approved Purchase Return D) Annual Profit Ratio Answer: B
- Which type of credit can only be used at one specific retailer? A) Credit card B) Personal loan C) Store card D) Overdraft Answer: C
- A consumer buys a washing machine on hire purchase with a $50 deposit and 12 payments of $45. The cash price is $520. What is the interest charged? A) $30 B) $70 C) $90 D) $120 Answer: B
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