Get premium membership and access questions with answers, video lessons as well as revision papers.

Explain five reasons why credit cards are not a common means of payment in Kenya.

      

Explain five reasons why credit cards are not a common means of payment in Kenya.

  

Answers


william
i. Require an established credit record which many people do not have.

ii. High interest charged by the card companies making their use expensive/that many people cannot afford/can only be afforded by people with high income.

iii. Prone to abuse/fraud where people lose their money.

iv. Requires a minimum age of 18 years/one to be an adult to use/obtain therefore cannot be used by the many young people.

v. Holder is tempted to overspend due to the easiness of obtaining cash/credit/that leads to financial problems.
steve williams answered the question on December 30, 2017 at 13:27


Next: A business is part of the society and is therefore expected to ensure its surroundings are healthy and safe. Explain five ways in which a...
Previous: Describe five characteristics of an industry that comprises of only one firm.

View More Business Studies Questions and Answers | Return to Questions Index


Learn High School English on YouTube

Related Questions