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Installment debt on real property (house land)
deposits, savings, loans, CDs, - largest groups of lending institutions
savings and loans owned by members of association
high interest rates and fees-higher risk interest due to poor credit rates
pay within set time period pay no interest .
- "6 month same as cash"- one transaction per agreement
regular charge account
keep charging, keep paying-must pay minimum payments, interest computed on non paid balance
revolving charge account
Monies held in reserves to cover expenses if needed
Two types of Advertising
- 1) Competitive
- 2) Informative
purchased goods designed to last longer than 3 years
cost of using someones else's money
higher priced items, set monthly payments with interest (included,car house, furniture, any high cost durable goods)
Installment charge account
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