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pise SECTION C Tilt HERALD Wednesday August 11 Key to correct credit use is timing Our modern economic system is really only a sophisticated form of barter and exchange Money is used as a common denominator to make exchanging goods and services easier The use of credit is just an extension of the use of money within the barter system Its purpose is o bridge the gap between the time funds ore coming and the time they arc required Tor expenditures Funds arc supplied by a person selling goods or services or by a third party involved in the credit business Although there Is usually a cost for this service it can be very helpful to people who receive their Income seasonally or on an even basis or those who are making unusually large expenditures They can acquire what they need now and pay when they have funds available Types of Coma Credit The types of credit most commonly used In Ihls manner are credit cards personal or institutional loans and credit provided by the person selling the goods or services the vendor All three forms of credit work on the same basis the individual is supplied with the means for obtaining goods or services now but does not pay until a later dole The Individual is charged a predetermined amount for the use of the funds between the period when the purchase Is mode and paid for Most people are familiar with the concept of loans and with the system Involved In obtaining a loan from a bank Loans can be obtained from either an institution such as a bank or credit union or from on individual who has surplus funds The borrower and the lender enter contract which provides for repayment of the funds by a certain dale plus interest which is to be charged on the amount Legally Speaking aCLEO publlcatlort borrowed at a rale that is negotiated by the two parties Using a credit card really just a different way of getting a loan When someone uses a credit card he or she in fact enters into an agreement with supplier of the card Usually written form of that contract Is supplied along with the card The agreement or contract generally provid es that the card holder can use the funds of the card supplier up to a certain amount the credit limit Further it provides that interest will be charged at certain times on the amount outstanding at the interest rate which pre vailed when the money was borrowed The interest rate will Duplicate bridge If problem happen at the bridge table which require the assistance of the director they usually happen in the close part score hands when the competitive spirit Is active Today hand was no exception At one lor table at the George town Club the East West pair bid up to the expected three hearts East having bid hearts first and then becoming the declarer This required the South hand to make the first lead However North not thinking lead a small diamond Because of the in ist SA88 CI0B3 CK965 place went to Jackie and Ron Glide with Peter Gilford and Gostovic holding second Third place went to Hans and Bclty The Georgetown Club welcomes any and all to accept the challenge of the bridge game The game Is held every Tuesday even ing at he Legion on Mill Street Game time Come and play ridge The director listed the alternatives 1 The lead could be accepted and played normally Declarer could bar a diamond lead from the correct side i 13 Declarer could re- nest a diamond correct side Declarer could re quire the correct hand to lead ng he wished When declarer selected the last option South was now on lead and the direct or stated that Norths small diamond was a penalty card It had to remain face up on the table to be played at the earliest opportunity Hear this South decided that it not in his partnership best interest to allow the diamond to lie face up on the table so he chose to lead a small diamond to clear the penalty card The result is clear East West had no diamond losers and a top on the board The moral of the story Is careful concentration prevents costly errors This was the hand THE ANALYSIS This deal will probably be hotly contest since both sides have about hall the points an eight trump suit and no one is vulnerable IfNS buy the contract in diamonds careful will produce eight tricks If EW buy the band in hearts should achieve nine tricks will achieve a maximum result against only if they start a forcing defence If North wins the DA and returns the suit declarer can counter by ruffing and leading a spade which South will win and force again Another spade and East must ruff the diamond with the A club finesse and a ruff will allow declarer to score hearts In his hand in dummy and 2 clubs The NorthSouth winn ers at the Georgetown Club last Tuesday were Tanja and Joe Blatnick with Arthur and Brian Ayer earning second and Adrian and Betty Van holding third The East West first REAL ESTATE BROKER 25 MILL STREET EAST L7J 1H1 ACTON ONTARIO 3790 3 BEDROOM SPLIT LEVELED HOME FEATURING Very large master bedroom ground floor family room with fireplace separate dining room eat in kitchen livlngroom with wood stove large foyer walkouts bedroom In basement attached garage with paved drive Many extra features 3 bedroom bungalow with large private lot grant available ally be staled in the agree ment however most agreements also stipulate that the interest may be changed by the credit card company at any tUne The advantage of the credit generally 30 days during which you may use the funds supplied at no charge That is if you pay back the amount you borrowed within the allot ed time you will not be charged anything for us ing the funds The third most common form of credit that supplied by the actual vendor of goods or ser vices The most familiar form of vender credit is the case where Items such as farming supplies or healing oil are purchased and the seller of those goods agrees to send an The invoice is generally then forwarded on what Is call net 30 days basis so that if the goods or vices are paid for within 30 days there is no interest charge Interest is only on accounts that are not paid within that period of time There ore other forms of vendors credit which do not provide this advent age Systems such as a layaway plan in a retail store are not really credit systems at all because you do not get the goods until the Item has been paid for in full In the meantime the store providing the service has had the use or funds It can readily seen that in this case you are financially better off save your money earn Interest while you save and hen make your purchase Other forms of vendor a credit should be carefully examined before being used A number or retail operations provide a system whereby the customer is able obtain the goods and pay for them over an extended period of time at some stated interest rate What Is often not explained to the customer is that he or she Is entering Into a contract that may then be sold to a financial institution The buyer may have no know edge of this and no economic relationship with the financial lion It you have signed a simple promissory note for the vendor as evidence of your obligation to pay this practice can cause trouble When your promissory nolo Is sold to the financial institution you cannot legally refuse to pay or pay less If the you bought is no good You may wind up having to pay the finance company In full and have to sue the vendor for a refund on the faulty article This t happen if you sign a consumer pur chase contract so it is wise lo be sure that the contract you arc signing Includes he words con sumer purchase The Information in this article Is accurate as of January For more Information on this and other topics contact Community Legal lion Ontario 111 Queen St Toronto M5C 1S2 For legal advice contact your local lawyer or Hills Community Legal Aid Clinic at St Georgetown SIM Top producer Mardlx Madge Herdmaster a bred and owned George Dixon of Georgetown has been awarded a superior production certificate by Ihe Fries Ian of Canada With a good plus classification Madge yielded 12 kilograms of milk kilograms of fat and tested with 15 per cent during a 305day twice dally milking period as a 12year old JCP PLUMBING CONTRACTING 4 Residential Plumbing 4 Alterations Additions Rec Room Conveniences Having trouble getting a Plumber Call JCP for Quality Service Reliable Work Anywhere Please Phone it SALES SERVICE REPAIRS WATER PUMPS Equipped PUMPS DELREX Aluminum Limited 5idtng Storm Windows la living FACTORY OUTLET Lint Estrrn DOOM The Piece To Bevel MOUNT UNIT 8771186 PtUHBWQ C0HTRACTHS Plumbing 8771158 HOME OF THE WEEK B PICARD suing Down FREE ESTIMATES 877824 CARPENTRY Specializing In HOME REND Experts in Kitchen Rec Rooms Reasonable Prices 8785104 JACKS HOME SERVICES Complete Home CUSTOM PROFESSIONAL CARPENTRY CPC CARPENTRY All phases of carpentry Solar Additions Custom Homes Addition S Renovations NO JOB TOO SHALL fttftMo 8775655 PLAN I Q BAM Construction Ltd efl Reefing ESTIMATES 7940383 MEL TAYLOR ALUMINUM LIMITED Aluminum Home Improvements YEARS 8776772 FREE WATER SERVICE 877 6242 ATTRACTIVE LEISURE HOME WITH UN FINISHED LOFT AREA JOHN CAMPBELL LANDSCAPING fiietgtiown chinning occasional cotlaga li perfectly suited to vary narrow frontage recreational building alia and provide almoal 700 square of finished floor tor praaant use and a ulnar or approximately BOO squire leal In potential available In the unflnlshed loll The durable and stylish exterior la Inlehed In mixed vertical and channel aiding with giant brick chimney and heavy shake root For who prefer roof could alternately Untitled In more conventional ah Ing lea The elevated porchstyle main entry leada Into an entrance vestibule serves a an energyconserving airlock between the outdoor and the Indoor From the foyer traffic move for ward and to the right down a hallway and Into the large livingdining room combination living room features a cornerpositioned elevatedheed meionry fireplace which a builtin barbequa feature on the aide of the balcony Fulhhelghl windows and a sliding glass walk through provide a panoramic view ex collenl natural and access to outdoor dining In In weather The weltplanned kitchen provides generous work surface abundant cup- board storage and a logical and stepsaving work configuration For those who prefer The kit chen counter could constructed so to divide kitchen and dining area by mean of a con venient counter for during busy holiday The single bedroom Is poslllonsd on ihe lower level to the rear of Ihe Moor plan the main activity area for freedom from disturb nee An excellent view end abundant natural light are provided through the large frontlacing window and a convenient entrance to bedroom The tars unflnlshed loft area la access I bis via from living room Is abundant pace or the future development of additional living accommodation a recreational facilities Plana for design No 1S0 may be purchased either by single est a coat of for as and lor each additional set or by the psckage A plan Including the first Is economically priced SI and an slghl- package Including the llrst set Is only Whlc Raver method you choose please Include SO lor postage and handling Ontario residents Ins Canadian oils scena plus pages of quality cottage plana lor all eaaona Available lor plus postage and handling To order any of these Itsms please send cheque or money order payable Home of the Week Home of the Week cO The Hallon Hill Herald Unit 1 1st Drive On tario MOW VINCE BURT CARPENTER Thinking about a project In the future We guano lee our quotes not to change before APRIL RanntMnt ESTIMATES LEONS ROOFING SHEET METAL WORK HR EMERGENCY SERVICE T0PLINE Painting Minor Home Repairs FREE ESTIMATES TBOitsifAretTtt FAMILY HOW kidney stuped pool beaut deck rig replace In Iwiy mm four p mo train IB master Sound He you I Rosalie EVENT SO OFTEN A piece mo land Ms ma km toe rave just J sled a pared that embodies most Sec only a quarto mi I Tralalgjr Hardwood I good good sol good Priced vendor it ms Call Ell son this one An outstanding custom home on vale rav 101 up Call I El OASIS Relax n pool trees K and rvacy Even a run IN TAM FANTASTIC Call Barb LOVELY lea I on daubs age and See a lot homo Call Ruth TTfifflPKOEYOyTUOil This newly Erin beauty otters except value a The vendor has bought so this one to See all the by call ng Diamenl ACREAGE area Mono mop Small Mm ac 10k Good Creek Call I El HUM YOUR FAMUV HOME To Crescent there a pool and a lerrlc Call Barb ERIN NEW HOMES To be It ee or lour bedroom with two baths double garage lam ly rooms w replaces Good mongaglno available Good value at Gel all the details I Or I Ellis