TRUE: A creditor is someone who grants a loan or credit., A credit card is a good option for consumers who can pay the borrowed amount in full., The longer the term, the riskier the loan for the creditor., Individual consumers, small businesses, large corporations, and governments all use credit., A line of credit is like an instant loan that you can repay in installments or in a lump sum., A variable interest rate remains stable with the prime., Lenders cannot predict interest rates or economic conditions and usually charge higher interest rates., Collateral is a guarantee for a repayment of credit—it can be a home, a car, or stocks., Financial institutions compete for customers and may offer you different interest rates and conditions., FALSE: Credit will always have a negative impact on your financial situation, All types of credit work the same way., A personal loan can offer you great flexibility., Using credit is a transaction between two parties, this transaction involves no specific conditions., It’s easy to get line of credit without an excellent credit rating or collateral., The larger the principal, the bigger the risk, and, consequently, the lower the rate of interest., It is wise to make more larger payments rather than fewer smaller payments., Collateral enhances the risk for the lender because he can use it when the borrower fails to repay the loan.,

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