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Questions and Answers
What is the average credit card debt per household in 2012?
What is the average credit card debt per household in 2012?
- $5,000
- $10,000
- $3,000
- $7,100 (correct)
What is the primary purpose of a credit card for consumers?
What is the primary purpose of a credit card for consumers?
- To save money for future purchases
- To build a credit history
- To make purchases on credit (correct)
- To earn cashback rewards
What is the fundamental difference between a credit card and a debit card?
What is the fundamental difference between a credit card and a debit card?
- Credit card allows purchases on credit, while a debit card deducts directly from the user's bank account (correct)
- Debit card has a higher credit limit than a credit card
- Debit card offers more rewards than a credit card
- Credit card has higher fees than a debit card
What does the text suggest about credit cards for consumers?
What does the text suggest about credit cards for consumers?
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What is the primary benefit of a credit card for creditors?
What is the primary benefit of a credit card for creditors?
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