Using Credit Wisely

Emilee Gillenwater

Helpful Websites and and Apps for Managing Money?

1. https://www.mint.com/ (Money Manager, Bill Pay, Credit Score, etc.)

2. https://www.learnvest.com/ (Financial Planning Services & Resources)

3. https://indinero.com/ (Accounting And Taxes For Business)

4. https://www.youneedabudget.com/ (Keep Track Of Your Spending)

5. https://www.flexscore.com/ (Financial Advice)

The Difference Between Credit and Debit Cards?

A credit card is a card you can get and use with a limit of how much you are allowed to spend. You make a promise to pay back everything you bought at the end of a period of time.

A debit card is a card that allows you to use money you have earned previously. You can put money in a debit account that becomes linked with your debit card.

How to Develop a Positive Credit History?

1. You should first set up a budget and try to remain within it. You should not need to use credit on everything you buy.

2. Provide as much accurate identification on any credit applications. This will help your credit company keep track of your history from the beginning.

3. Regularly reading your credit report can help you keep from submitting wrong information.

Advantages and Disadvantages of Using Credit?

One advantage of using credit cards is convenience. They're fast and easy to use. Another advantage is you can make large purchases you may not have the money for at the moment. They are safer to use and may offer more protection.

One disadvantage of credit cards is the interest you have to pay on a credit card. Another is the fact it may be easy to get into major debt if you do not manage what you buy. Credit card fraud is a possibility.

APR Information

APR stands for Annual Percentage Rate. It is important to know what your APR is because the costs will help determine how much you will pay over time.

For example, an IPhone 6 costs $600. If you have to pay 18% interest on that item while paying $50 a month for it, it will take 14 months to pay off and in the end you will have paid $666.45 instead of just $600.00.

Free Credit Reports?

You can order your credit report from Experian. You get a free one every year also.

You can report any errors to your credit company. They will help you to correct them and help keep your credit up.

What Should Borrowers Do if They are Experiencing Financial Difficulties?

You can ask for help from a family member or a financial professional. You can also ask for help from a non-profit credit counselor. Call 1-800-388-2227 for credit counselling.
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