Consumer credit provides purchase flexibility but can lead to debt. Factors influencing credit include payment history and amount of debt. Credit cards, debit cards, and smart cards are different but all can be used for payment. Consumer credit refers to the use of credit for personal needs by individuals. The advantages of consumer credit include the flexibility of making purchases even when one doesn't have the cash at hand, enabling emergency purchases, and sometimes earning rewards or cash back on credit card purchases. However, disadvantages include potential for overspending, accumulation of high-interest debt, and the potential for damage to credit score if payments are missed. Several factors influence a person's credit rating and their ability to get credit. These factors include their payment history, amount of debt, length of credit history, mixture of credit types, and any recent applications for new credit. Each of these factors can positively or negatively impact a person's credit score, which lenders use to determine creditworthiness. The three different cards that someone might have in their wallet include a credit card, a debit card, and a smart card. These differ in that credit cards involve borrowing money from the bank, debit cards withdraw directly from one's own account, and smart cards store information electronically rather than just accessing a financial account. Consumer credit has a significant influence on the economy. By allowing consumers to make purchases and pay for them over time, it helps businesses by increasing sales and it also fuels economic growth by encouraging consumer spending. #SPJ4Final answer:
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