In this lesson you will learn and discuss the advantages and disadvantages of using credit. You will read a scenario about a young person's use of a credit card and answer questions regarding repayment. You will also learn about credit history, credit reports and credit-reporting agencies.
When you have finished this lesson you should be able to:
- Define credit and creditor.
- Define interest.
- Compare the advantages and disadvantages related to using credit.
- Identify the three credit-reporting agencies.
- Explain the importance of maintaining a good credit history.
- Identify features on a credit report.
- Explain the rights and responsibilities related to using credit.