Using Credit wisely

By: Matt Greer

Debt

  • debt is your own money
  • It comes out of your bank account pay for it

Credit

  • Money you borrow
  • The card company pays for then you pay for it later

Building positive credit history

One way is only borrow what you can afford.Also just start with one credit card not like 5.Make sure to not make late payments.The longer you have credit the better.

Apps that help mange your money

  1. Mint-you can pay your bills and track your credit score
  2. betterment-It saves you time,smart re-balancing, and global diversification
  3. Indinero-Helps you do taxes ,financial savvy ,and extension of your company
  4. Dwolla- Theres no transaction fees,faster transfers, and developer friendly
  5. Prosper- Checking rate wont affect credit,low fixed taxes, and no hidden fees

Advantages and Disadvantages of using Credit

It is convenience and trouble.Record keeping so like credit statements .You can have purchase protection .

However very easy to overuse the cards.You have paperwork.Like keeping all the receipts.High cost fees.If you miss one payment your interest rates will skyrocket.

APR

It is the interest a company will charge you.If i wanted to buy a Xbox for 500$ and pay 50$ monthly it would take a 11 months to pay off and in the end i would pay a total of 545.78

Credit Report

Every 12 months your entitled to one free credit report where there is 3 different company's one is experian and trans union and you should get it from three different sources to make sure there is no errors made in your credit statement.If you find errors you should contact the company and tell them

Credit agency

NFCC it was founded in 1951 and is the largest and longest serving non-profit financial consoling company.They educate you on how to mange money and make you having a better understanding.They have all kinds of different consoling programs for you.There either free or affordable programs.To connect with a consular you can call 800-388-2227

Credit agency

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