Getting to know Credit with the OGs

Know your finances and become an OG!

Help For the High Schoolers

If you're in or just exiting High School then this section is for you! A lot of kids around high school age start getting jobs and Debit/ Credit cards. These things are very good, but can also jeopardize you and your future if not done/used correctly! Credit cards are a very good way for a beginner to start building credit, the better you are at paying back what you spend gives you higher credit. The same for not paying back, if your late or go into debt your score will lower. Now you may be asking "What a credit score has to do with jobs and money?" Well a credit score is usually what a bank looks at before you get a loan for something like a house or car, if they see you're good at paying back what you spend on time then most likely they will be more lenient about giving you a loan.

Now if you successfully get a loan for something like college, then you have to be prepared for paying back what you received. When you have the loan, you are now in debt to the bank, this means that you owe them all the money they gave you. Unfortunately it doesn't end there, when the loan is being payed off you also have to give something called "Interest". Interest is a small percentage that loan givers add to you and you're repaying, because of this it is best if you pay extra whenever possible. If you pay the minimum amount each month, then interest will continue to build and money will keep adding on so you will keep being trapped in the endless cycle of debt! But don't get scared, like i said earlier all you have to do is pay more than whats the minimum and youll make it over the barrier of the "scary interest rate!' I hope this has helped you all who are just starting down the road to finance.

College Student Finances

Are you overloaded with bills? Are you tired of credit companies charging you for unpaid fees? Come join the OGs for a better finances and a healthier lifestyle! College students have to work their butts off to repay loans, pay for their credit statement, cell phone, car, books etc. The best way to not let all these bills swallow you up is too be educated on your expenses. You should seek a credit counselor who can help you set up long term goals or even short term goals. If you're looking to get a car you to be aware of what form of payment you can get, what kind of loans etc. The best place to get a loan for a car are credit unions. You should be mindful of interest rates and try to find the best deal possible.

You can start saving money by not spending money on things you do not need. That beautiful coach purse? You don't need it. You want to go out and get fast food? NO. Stay home and make a beautiful healthy meal from scratch! You can ask your bank to take out money from your checking account every two weeks and deposit it into your savings account if you'd like to start saving.

You can build your credit score by paying more than the minimal amount on your credit statement. PAY YOUR BILLS ON TIME!


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Middle aged Financial help

As a middle age adult what you should understand about credit/debt is that a well maintained credit will help and keeping your debt as low as possible. Maintaining these two things are not very difficult if you know what to do. Your credit is mainly what determines if you will be approved for things like a loan or a new credit card. Debt is what you owe and keeping it as low as possible is ideal. Your debt can have a major factor when applying for basically anything financial. Banks and credit companies will almost always decline someone with poor credit and has debt. If you have lots of loans you should stop applying for anymore. Multiple loans can become overwhelming and drags lots of money out of you. Reducing the amount of loans you have should be your goal if you have multiple loans.

Managing a lot of money and expenses including starting a family the positive and negative aspects of credit become very important. Having a positive credit is always important and having positive credit during the situation described it is very important. Having negative credit with a family is not good especially when you have people relying on you. Avoid anything that can lower your credit and maintain your credit if it is good and work to improve it if your credit needs it.

Help for adults/seniors!

Older adults can invest for retirement way before they even reach that age. For example at a young age they should've invested in a plan such as a 401k plan, where at a certain age they stop working etc. If you are a senior and are lost you can contact an professional to guide you in the right direction for retirement!

If you're a senior and have immense debt that still hasn't been paid back, one thinng you could do is reverse mortgage. You can get cash back for the reverse mortgage and it'll be paid on a monthly basis. If you have life insurance another option would be a cash surrender loan. Which is basically a loan that you don't have to pay back. The longer you've had the insurance policy the more cash you will gain back.

Seniors can protect their credit score by paying back all their loans, any credit card debts they still have left. If your mortgage and car are paid off and you have no use for your credit cardsm there's no need to worry about your credit unless you plan to apply for a loan in the future. It all depends on your age.