Answer :
Answer:
Although commercial banks can give you credit cards, department stores can also give you credit cards. When choosing a department store credit card, look for a card with an appealing intro offer, ongoing cardholder perks, and few fees. Department store cards may offer unparalleled benefits to loyal shoppers, and may be easier to qualify for than a general-purpose credit card—but don't assume a store card is always the best choice. In some cases, a general rewards card or card with a low interest rate might be a better option.
In terms of credit, one type of credit is called “Open-end credit agreements,” which are good for borrowers because it gives them more control over when and how much they borrow. In addition, interest usually isn't charged on the part of the line of credit that is not used, which can lead to interest savings for the borrower compared to using an installment loan.
Open-end credit often takes one of two forms: a loan or a credit card. In the consumer market, credit cards are the more common form as they provide flexible access to funds, which are available immediately again once a payment is received. A home equity line of credit is another of the more common loan forms in the consumer market, allowing borrowers to access funds based on the level of equity in their homes or other property.
In terms of paying credit card bills, when you pay any bill late, credit card bills included, you may damage your credit. Credit problems can haunt you for years. Plus, if you default on a credit card bill, there’s a chance that the bank might sue you, and that leaves you vulnerable to more potential problems.
Credit card issuers are aware that your unsecured credit card debt may be at the bottom of your priority list if you’re in a financial bind. When you fall behind on a credit card bill, the bank’s priorities may shift. Rather than risk you ignoring debt or filing for bankruptcy, a card issuer may be willing to consider negotiating credit card debt so that it gets back some of its money rather than nothing.
If you can’t pay off credit card debt, however, bankruptcy is the last resort. Chapter 7 bankruptcy is also referred to as a liquidation bankruptcy because it calls for most of the debtor’s assets to be sold to pay creditors. Nearly all Chapter 7 filers get at least some of their debts discharged. It can be used by individuals or businesses.
Explanation:
Although commercial banks can give you credit cards, department stores can also give you credit cards. When choosing a department store credit card, look for a card with an appealing intro offer, ongoing cardholder perks, and few fees. Department store cards may offer unparalleled benefits to loyal shoppers, and may be easier to qualify for than a general-purpose credit card—but don't assume a store card is always the best choice. In some cases, a general rewards card or card with a low interest rate might be a better option.
In terms of credit, one type of credit is called “Open-end credit agreements,” which are good for borrowers because it gives them more control over when and how much they borrow. In addition, interest usually isn't charged on the part of the line of credit that is not used, which can lead to interest savings for the borrower compared to using an installment loan.
Open-end credit often takes one of two forms: a loan or a credit card. In the consumer market, credit cards are the more common form as they provide flexible access to funds, which are available immediately again once a payment is received. A home equity line of credit is another of the more common loan forms in the consumer market, allowing borrowers to access funds based on the level of equity in their homes or other property.
In terms of paying credit card bills, when you pay any bill late, credit card bills included, you may damage your credit. Credit problems can haunt you for years. Plus, if you default on a credit card bill, there’s a chance that the bank might sue you, and that leaves you vulnerable to more potential problems.
Credit card issuers are aware that your unsecured credit card debt may be at the bottom of your priority list if you’re in a financial bind. When you fall behind on a credit card bill, the bank’s priorities may shift. Rather than risk you ignoring debt or filing for bankruptcy, a card issuer may be willing to consider negotiating credit card debt so that it gets back some of its money rather than nothing.
If you can’t pay off credit card debt, however, bankruptcy is the last resort. Chapter 7 bankruptcy is also referred to as a liquidation bankruptcy because it calls for most of the debtor’s assets to be sold to pay creditors. Nearly all Chapter 7 filers get at least some of their debts discharged. It can be used by individuals or businesses.
Final answer:
Commercial banks and department stores can provide credit cards, each with unique benefits and disadvantages. Open-end credit, like credit cards and home equity lines of credit, can offer significant benefits to users. However, payment delinquency can damage a user's credit score, leading possibly to negotiation or filing for bankruptcy.
Explanation:
Although commercial banks can give you credit cards, department stores can also give you credit cards. When choosing a department store credit card, it's critical to look for a card with an attractive intro offer, consistent cardholder perks, and minimal fees. Despite offering unique benefits to loyal customers and being easier to qualify for, a store card may not always be the best choice. A general rewards card or card with a low interest rate might sometimes be a better option.
With open-end credit agreements, borrowers can save on interest costs due to the flexibility of these agreements. Credit cards, one of the typical forms of open-end credit, offer immediate access to funds once a payment is made. Another common form of open-end credit is a home equity line of credit, which allows borrowers to access funds based on their property's equity.
It's critical to maintain timely payments on your credit cards to avoid damaging your credit score. If you fall behind on your payments, the card issuer might consider negotiating the debt. However, as a last resort, if credit card debt cannot be paid off, Chapter 7 bankruptcy may be applied for, leading to selling the debtor's assets to repay the creditors and in many cases, some debts are discharged.
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