Why do people use credit

Change accounts

Allow customers to buy goods and service and pay for it in the future

What are the five types of lenders

Commercial bank, saving & loan, saving bank, credit union, finance companys

Saving & loan

Lend money for home mortgages

Commercial banks

Main function accept deposit and lend money

Credit union

Owned and operated by members to provide saving accounts and low onterest loans

Why do people use credit

People use credit because they feel they need the item immediately

3 type of change accounts

Regular charge account, revolving chargeaccount ,installment charge account

Saving bank

Set to serve small savers

Finance companies

Takes over contract for installment debts from stores