American_Bankers_Association
CTFA · Question #246
People typically use credit as a way to pay for goods and services that cost more than they can afford to take from their current income. Whatever their age group, people tend to borrow for several…
The correct answer is A. To meet financial emergency B. For convenience C. To avoid paying cash for large outlays. See the full explanation below for the reasoning.
Fiduciary and Trust Activities
Question
People typically use credit as a way to pay for goods and services that cost more than they can afford to take from their current income. Whatever their age group, people tend to borrow for several major reasons. Which of the following is out of those reasons?
Options
- ATo meet financial emergency
- BFor convenience
- CTo avoid paying cash for large outlays
- DNone of these
How the community answered
(48 responses)- A85% (41)
- D15% (7)
Topics
#consumer credit#borrowing reasons#personal finance#credit usage
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