Credit Contract Obligations (1261)

After you have signed a credit contract, you are obligated to fulfill your credit responsibilities. When you borrow money, you generally promise to do the following:

- Pay back the amount of money you borrow, plus the finance charge.

- Pay back your debt regardless of any personal crisis or unexpected situation.

- Make your payments on time.

- Keep any item that has been used as collateral until all payments have been made.

- Give back what you are buying if you cannot finish paying for it.

- Take responsibility for the loss of value of an item you bought on credit if it has to be returned to the creditor.

Acquiring credit creates financial obligations. Be a wise credit consumer and fully understand the obligations of your credit contract.

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