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Borrowing

“Buy Now, Pay Later!”. Borrowing. Responsible borrowing means borrowing only what can be paid back when due. What is borrowing?. Borrowing is obtaining money, goods, or services at present in exchange for the promise of future payment. Complete the following.

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Borrowing

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  1. “Buy Now, Pay Later!”

    Borrowing

    Responsible borrowing means borrowing only what can be paid back when due.

  2. What is borrowing?

    Borrowing is obtaining money, goods, or services at present in exchange for the promise of future payment.
  3. Complete the following List times in life when you might consider borrowing possessions or borrowing money. List characteristics that would be desirable in a person from whom you might borrow. List things that should be agreed upon between a lender and a borrower.
  4. Borrowing means spending future income and includes buying on credit. Having “good credit” depends on one’s willingness and ability to pay back what is owed when it is due. Credit purchases are more costly than cash purchases if not paid back quickly. The wise use of credit can help some individuals raise their standard of living by extending their buying power.
  5. Examples of Borrowing Buying with a credit card Buying on installment Payday loans Cash advances Layaway purchases
  6. Reasons for Borrowing Major purchases Emergencies Convenience Prepare for future goals Take advantage of good sales/offers
  7. Responsible Borrowing Borrowing only what can be paid back when due.
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