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There are some real advantages In using credit. It’s a great convenience. You don’t have to keep feeding light or telephone meters; you don’t have to keep large amounts of change around for the paper boy or milk man; you don’t .have to keep so much cash on hand. It's a convenience to let these small bills accumulate and pay them periodically. When we buy something on credit we get the use of it now. Whether it’s a car, a washer, a pair of shoes, or groceries that we buy on time, we’re using it as we pay for it. We don’t have to save up all that money to buy It outright before we can enjoy it. We can enjoy and pay for it at the same time. There are, however, two sides to the credit coin. There are also disadvantages. For one thing, it costs money. For every borrower, there has to be a lender, and the borrower has to pay the lender to forego spending his money. Thars really what he’s doing when he lends money. He, for a price, agrees to put off buying things
have. Too, lFsoften hard to figure out just how much credit does cost. It’s so easy to just look at the size of the monthly payment and ignore the cost of the money. Frequently, this cost is high. To figure how much you pay for credit, add the down payment and the total monthly payments. Then subtract the cash price of the item, and the difference is the price you pay for the loan. Credit is a great convenience and useful buying, aid. Used well it’s a terrific economic tool. Used poorly, it may easily get our budgets into a lot of trouble.
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