No one can deny the importance of consumer credit in today’s society. Whether you use credit out of necessity or for convenience, the fact is we have become a nation of credit consumers. By understanding how credit works you can learn to manage credit successfully and use it to your advantage.
Understanding/How to Manage Credit
Credit is borrowed money used to purchase goods or services when you need them with a commitment to repay at an agreed-upon time under agreed-upon terms. Consumer credit is typically broken down into two categories: revolving and installment.
Pros and Cons of Consumer Credit
There are both good and bad sides to using credit. A credit history that reflects good credit habits can help pave the way for future major purchases such as a car or house. On the other hand, there’s no denying that credit cards can spiral some people into a debt hole that is hard to climb out of.
The Art of Getting Credit
A lack of credit history can be as financially crippling as a poor credit score. In a way, you may feel financially frozen in a vicious cycle-you can’t get credit because you’ve never had credit, and you’ve never had credit because you can’t get credit. There are some things you can do to build a good credit history from the ground up.
Steps to Good Credit
Good credit can make a huge difference in your life. Following these tips can help you build a strong credit foundation that will be important as you make major financial decisions in your future.
Credit Information
Good credit can make a huge difference in your life. Following these tips can help you build a strong credit foundation that will be important as you make major financial decisions in your future.
Are you monitoring your credit?