Using Credit Wisely
What is the difference between a credit card and a debit card?
Three ways to develop a positive credit history are...
2. Continually paying monthly and not missing a payment date.
3. Not opening several credit card accounts if you're unable to pay them off.
5 financial apps that can help manage your money:
Mint is one of the most widely used financial apps. It gives a full view of all of your finances from your credit card accounts, bank accounts, and even 401k and student loans. It is a very simple and organized app.
Level Money is known as a "mobile money meter". Once your bank account is connected to the app, it has your income listed and shows how you should budget your money for the month. It lists your recent transactions as well as billing information to see what you've been spending on.
Digit is an app that, once connected to your bank account, takes a small amount from your account that it figures you won't use, and transfers it to a savings account that is managed by them. They help to save your money that may not be used. You may withdraw from the account whenever needed.
Credit Karma offers free credit reports and scores. This app allows users to program their bank accounts and credit account and view their spending patterns. It offers better credit card or loan offers that can help improve users' finances.
With Wally, viewing daily, weekly, or monthly payments is simple, and allows you to divide expenses into separate categories. The best part, you can scan your receipts, and the app will automatically input the details or your transaction.
Advantages of Credit
2. Credit is easy to pay off if paid correctly.
3. Using credit correctly can bring your credit score up, letting you use more credit on items you'd like to buy.
Disadvantages of Credit
2. Paying the minimum monthly payment can lead to bad credit, always pay over the minimum!
3. If a credit user continues to miss payments, their creditor will lose trust and perhaps close the account.