9534053
Description
Mind Map by lucy blackman, updated more than 1 year ago
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Created by lucy blackman
over 7 years ago
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TOPIC 5 - THE BENEFITS OF BORROWING 5.1
- Someone who is short of money at the end of the month can use their overdraft/credit card for purchases until they get their next
salary.
- Few people are able to buy a house without taking out a mortgage loan which they will pay back over years.
- Once it is all paid back the house will be owned by that person as they have fully paid for it.
- Taking a mortgage loan out on a house can work out cheaper or similar to the amount
they would have to pay monthly or altogether on a house the same size that they were
renting
- Once it is all paid back the house will be owned by that person as they have fully paid for it.
- Allows people to buy things they want now that are too expensive to be funded by their income.
- Help out people who may take too long to save
for something they need immediately or very
soon.
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