Why do people use credit
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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