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Please respond (at least 100 words)to the following scenario Some consumers might consider purchasing a new car with a car loan, while using credit cards to cover other purchases, and making only the...

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Please respond (at least 100 words)to the following scenario

Some consumers might consider purchasing a new car with a car loan, while using credit cards to cover other purchases, and making only the minimum required payment to the credit card company each month.What is your opinion of this strategy?In addition toyour opinion,what does the text or other sources recommend?

Answered Same Day Jul 26, 2021

Solution

Sumita Mitra answered on Jul 27 2021
138 Votes
1
Some consumers might consider purchasing a new car with a car loan and use credit cards to cover other purchases and making the minimum required payment to the credit card company each month because in this way he ends up owning a car and also managing monthly requirements for him and his family by proper budget allocation for his monthly earnings. This strategy is a good one because in this way he...
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