The problem of bankruptcy is associated with overuse and misuse of credit in the ______________ component of financial planning.

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13-07-2022
Business

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The problem of bankruptcy is associated with overuse and misuse of credit in the ______________ component of financial planning.

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shubhamsinha3013 shubhamsinha3013 · Answer 1 · 2022-07-21T14:36:23+02:00

The answer is the borrowing component.

Bankruptcy is a legal proceeding initiated when a person or business is unable to repay outstanding debts or obligations.

The borrowing portion of a financial plan has to do with retaining control over credit-buying behaviors.

Whereas, the savings part of financial planning has an emphasis on long-term security and includes a regular emergency savings strategy.

When you’re borrowing, interest can work against you.

As repaying interest on a loan over a long period of time can significantly increase your debt due to the compounding factor of the interest rate.

Hence, The problem of bankruptcy is associated with overuse and misuse of credit in the borrowing component of financial planning.

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