A Quick Look at Credit Facilities Essay

A Quick Look at Credit Facilities Essay

Length: 858 words (2.5 double-spaced pages)

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Since the concept of using money was first introduced since ancient times to replace the barter trade system, importance and popularity of money went through a rapid growth. The role of money had currently evolved to the point that different country have own unique currency value, and most product are only purchase-able with money. Due to the risen role of money in human’s life, certain services regarding money to help human beings rose. Few examples of the services are bank deposit, withdrawal facility, debit services, and credit facilities. Credit facilities provide services that allow users to spend “future money”, which means the users would be able to enjoy the fruits before planting. Various choices of credit facilities are widely available in human’s life due to the high demands, easy profit, and its support in teaching one to learn managing daily finance.
There are many people who demand for the credit facilities due to its convenience. Credit cards is one of the credit facility services that widely accepted by users. By having at least a credit card, users can avoid the risk of holding excess cash which does not affect the usual purchasing rate. Besides, credit card users can also purchase extremely expensive item and only need to pay back by installment. Study shows that even 76% of undergraduate students from a college hold their own personal credit card (Federal Reserve Survey of Consumer Finances 2012).
Some businessmen love to provide credit facilities for its high and easy profit. For most of other types of business, profits are earned with trading of products or services with money. However, credit facilities such as money lending centre gain profits from interests of the loan. Therefore, unlike other types of busi...

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...ould always be concerned and balanced separately to prevent receiving more negative effects from it.

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