Local News Update

Section 1: Basics of Credit

Having credit is something not a lot of people can obtain. The ability to receive something as if it's free, from the time of receiving is nice; but of course you will have to pay for it one way or another. If you cannot pay for it your credit will go down and then you suffer. With many options of building and being granted credit, there are some restrictions and costs associated with it. Credit Cards is a major one that people sometimes take for granted then they're Credit Score goes in the hole and they are stuck with debt. This is why the Credit Bureau makes sure your creditworthy before giving anyone a credit card. If you take the right steps and you are responsible the outcome of having credit can be used to your advantage towards a nice house, student loan, car, motorcycle, etc. Your bank is the biggest credit lender by giving you personal loans but first checking your credit report to see how much money you can be trusted with.

Vocabulary Watch

Section 3: What you need to know about Credit Cards!

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Yes, credit cards are nice but as you know they can be dangerous as well. Many credit cards company's do not charge an annual fee. How nice right? Wrong. They know they will get that money back if you go over the limit, then your stuck with the fee. People get confused with Debit Cards and Credit Cards. The difference between them is that with a debit card your using the money you have in your account, with a credit card your borrowing money that you have to pay back. If you go over your credit limit be prepared for penalty fee's. The best thing about a Credit card is that you can use the credit card where your heart desire's because 9/10 places that accept cash will accept a piece of plastic.


Section 4: Smart Consumers: Don't fall into the Credit Trap

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I'm not the kind of person to tell you what to do, but I am the type of mate that warns others. If you obtain a Credit card the number one mistake consumers always make is purchasing unnecessary items. Of course they''re necessary for your needs or wants but don't put a cheeseburger from McDonald's on your credit card. Getting into the habit of making stupid purchases like so will result in more stupid purchases further down the road. That being said, always keep in mind that once that monthly statement comes in your mailbox you need to pay for every penny spent that month. Make sure you have a equitable amount of money to pay that statement off or your going into the trap.