Credit: Benefits/Responsibilities

Why It's Awesome-Why It's Risky

Credit Can be Totally Awesome and Amazing!

.....But don't mess up. Credit- it's great for making purchases that you are just too broke to make. Don't feel like spending thousands of dollars at once? That's okay; no one else does either! Credit allows you to mkae these purchases without waiting an eternity and a half! But, if you don't pay that money back- you could be in trouble!

People Are Going to Want Their Money Back Though!

Credit is basically a system of borrowing- you don't have the cash for a purchase, so you borrow it from someone who does. You gain interest on this money, meaning that you end up paying a certain percentage more than you would if you used your own money, but with credit you can make these purchases immediately! Not paying the money back has extreme penalties, so watch out!

Rights/Responsibilities of Using Credit

Part of being a responsible credit user is understanding your rights and responsibilities. You have the right to see your credit report, to know who sees it, and to report errors. You also have to keep up on payments for this credit.