Using Credit Wisely

By: Austin Striblen

Responsibilities to Yourself

  • As a credit user, you have a responsibility to yourself to use wisely and not get into debt beyond an amount you can comfortably repay.
  • You are also responsible for checking out business before making credit purchases.
  • You owe it to yourself to comparison shop.
  • Comparison shop credit as well.

Responsibilities to Creditors

  • When you open an account, you are entering into a relationship with a store, bank, or credit card company.
  • It is your responsibility to contact the creditor immediately when you find a problem with the bill or discover that the merchandise is defective.

Creditors Responsibilities to You

  • Assisting consumers in making wise purchases by honestly representing goods and services, including all rules and regulations
  • Informing consumers about all rules and regulations, interest rates, credit policies, and fees.
  • Cooperating with established credit reporting agencies, making credit records available to the consumers, and promptly fixing mistakes in records when they occur.
  • Using reasonable methods of contracting customers who fail to meet their obligations and assisting them whenever possible with payment schedules and other means for solving credit problems.

Safeguarding your Cards

  • Sign and activate your cards as soon as you receive them.
  • Carry only the cards you need.
  • Watch your card during transactions and get it back as soon as you can.
  • Tear up old receipts no longer needed that contain account information.
  • Destroy expired cards by cutting them up.

Protecting your Accounts Online

  • Deal only with companies that you know and trust.
  • When making an online transaction, always make sure the website is secure.
  • Phishing is a scam that uses online pop-up messages or e-mail to deceive you into buying their product.

Avoiding Unnecessary Credi