Spending

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Credit Cards are used to buy things. Credit cards use an interest rate to produce money for the bank that supplied the card to the consumer. There are many forms of credit cards which allow you to have different uses. There are some credit cards which you can use overseas, some which have certain benefits for you if you use it correctly and there are different credit limits for each card. When using a credit card, you are basically borrowing money from the bank, with the intention of paying it back. Using a credit card allows you to pay for the full price of the product (if your credit limit allows it), which eliminates the possibility of a monthly payment to the seller. You only have to pay back the bank for borrowing the money. Credit cards earn money for the bank by lending money to the consumer, and having an interest rate which the consumer has to pay back. For example, if the credit card had a 7% interest rate, and you borrowed $100, you would have to pay back $107. **//__ ADVANTAGES; __//**======
 * ** Credit cards can be used anywhere in the world if your card allows it. **
 * **You get benefits if you follow the rules of repayment to the bank.**
 * **You can pay for your item at the point of sale.**
 * **Credit Cards allow you to pay for large purchases which other forms of payment such as cash would not.**
 * **Credit Cards have different interest rates, which can be benefitial to you if you manage your money properly.**
 * **Even if you are out of money in your bank account, you can still use your credit card.**

**//__DISADVANTAGES:__//**


 * ** You can fall into debt. **
 * ** Some of them have high interest rates. **
 * ** Credit Cards are usually turn into an addiction which can ruin your financial life. **
 * ** Using a credit card incorrectly can damage your credit rating, which you will need when you have to have if you want to borrow money for a mortgage. **

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There are many different forms of currency throughout the world. The definition for money is: **any circulating medium of exchange, including coins, paper money, and demand deposits.** Cash is the most basic form of payment if you want to buy something. Cash is used from everything to everyday essentials, to things that enteratin you.  Cash can be used in any store as it is the prefered form of currency when buying things. Cash is can be used anywhere, but it is not desireable to carry around larges amounts of money because you risk being robbed. money is anything that is accepted as payment for services and goods and it can be used pay back debts.
 * //__Cash –__// **


 * //__ ADVANTAGES: __//**
 * Able to pay for the purchase up front, knowing that you havd paid the full price.
 * Able to know that you can take the item then and now because you have paid for it.
 * It is the easiest form of payment to use.
 * Some sellers allow you a discount if you pay cash (Good Guys for example)
 * Currency can be converted and used anywhere in the world.

**//__DISADVANTAGES:__//**
 * Carrying around a lot of money leaves you vunerable to robbery and theft.
 * If paying for a large purchase, carrying in $5000 is not going to make you look rich. It is going to make people steal off of you.
 * If carrying a large amount of currency, you will need a bank because of the dangers of keeping money in your own house.


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//__ LAYBUY - __//**

Lay buy is used so that you can buy a product that you want, but can’t afford at the moment. Lay buy is when you choose a product you want to buy at a store, and they hold it for you for a specific amount of time while you pay it off. Lay buy is were you pay a deposit for an item, and pay it off in installments. When you have paid the full amount, you can take the item home. The item that you are paying off stays at the store until you have paid the full price.

**//__ADVANTAGES:__//**

**//__DISADVANTAGES:__//**
 * You can pay for the item as you get money, which allows you to know that you have the item purchased, but you can't take it home yet.
 * You can know that if it is a present for a person, you don't have to worry about the person finding the present.
 * If the item is in limited stock, you know that you still have one of the item in your name.
 * Lay Buy is used at many stores, making it an easy way to purchase and spend your money.
 * You can't take home the item you bought until you have paid the full purchase price.

EFTPOS is a form of electronic payment which uses your bank account to electronically pay for the product you are purchasing. EFTPOS stands for ‘electronic funds transfer at the point of sale’. EFTPOS is useful because it allows you to pay for your item without carrying around large sums of money in your pocket. EFTPOS is the technology which allows the retailer to accept cash/money for a debit account. This allows the retailer to be paid instantly. EFTPOS is used in Australia and New Zealand, and it is recognised in many other parts of the world. EFTPOS can use credit and debit cards and charge cards, but it mostly uses the debit to pay for the product. There are many advantages of EFTPOS. By using EFTPOS, you don’t have to carry around money to pay for items, and you don’t have carry around credit cards or cheque books. The problem is, if you account is tapped (empty), you can't use your EFTPOS, and you can't use any of your cards except for your credit card. EFTPOS is a very convenient way to pay for your products. media type="custom" key="3904451"
 * EFTPOS – **