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Q.

Choose if the given statement is True/False:


Credit is not necessarily beneficial for a borrower.


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a

True

b

False 

answer is A.

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Detailed Solution

The above statement is True.
Credit is not necessarily beneficial for a borrower. Let us take examples. A shoe manufacturer borrows money from his bank to fulfil his working capital requirements. He buys raw materials with the credit he obtains and manufactures shoes. The credit helps him with his cash requirements, and he can repay his debt and earn a profit after selling the shoes. Credit is not always beneficial for a borrower as it can make him fall into a debt trap.
 
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