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Jackie and Mandy are a couple. Jackie is a full-time teacher and Mandy is a full-time lawyer. Their financial situation is great and they have rich savings. Now they are renting a small unit in Mong Kok to live. As they plan to raise a baby, they decide to buy a large private property in Kai Tak.

(i) Please recommend to Jackie and Mandy a consumer credit that is most suitable for them, as well as explain the reasons in detail.

(ii) What are the limitations of the consumer credit you recommend?

(iii) How does the consumer credit you recommend compare to another type of consumer credit?

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Oscar is a college student and a game enthusiast. He recently applied for a credit card but he has no self-discipline in shopping. When he visits PS5 and Switch games, he will buy the latest games without hesitation. Therefore, his credit card transactions often reach the credit limit. However, Oscar will only repay the minimum monthly payment. Oscar now needs to borrow $95,000 for emergency purposes. He plans to apply for one of the following loan plans:

Loan Plan A: Installment loans with a loan amount of $95,000.

Loan Plan B: Revolving loans with a credit limit of $200,000.

(i) Explain the consequences of overuse of credit cards in detail

(ii) If loan plan A has a higher interest rate, which loan plan would you recommend Oscar choose? Try to explain in detail.

(iii) What are the reasons that Oscar would consider instalment loans and revolving loans instead of overdrafts?

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Jessica is the owner of a fast food restaurant. Due to the long history of the fast food restaurant, many equipment and decorations have become old. In view of this, Jessica plans to renovate the fast food restaurant. This plan will cost around $150,000. She is considering using a credit card or lines of credit to pay for the fee.

(i) What are lines of credit and credit cards?

(ii) Explain two common things of credit cards and lines of credit

(iii) Which type of consumer credit would you recommend to Jessica to pay for this expense? Please explain in detail.