Scenario

You are going to Post-Secondary and need either a credit card or line of credit to help pay for expenses during the year.You know you will need to borrow $5000 a year for 4 years.In the 5th year you will be able to begin making payments of $3000 a year until the debt is payed off.

-You borrow the full $5000 at the beginning of each year

-While you don't start making payments until the 5th year interest begins accruing at year one.

Your Job

To determine if getting a credit card or a line of credit is the better option to help cover expenses while you are going to Post-Secondary.You should be using real options for both the credit card and line of credit for this assignment.A quick google search for a few banks will give you a starting point.

Goal

To clearly explain which option is the better choice financially.