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Advantages:
People can buy what they want without having the money right at that time.
Banks and businesses make interest on the payments.
Credit cards can help in an emergency.
Disadvantages:
People can get into too much debt and not be able to pay.
People can lose their jobs or get laid off, resulting in them not being able to pay.
Too many people not being able to pay at the same time, like during a recession or depression, could have more far-reaching effects on a country's economy.
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∙ 9y ago
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