Financial Literacy

Tips on Using Credit Wisely

Why It's Important

Credit cards can be a major source of debt trouble. It's important to understand how to use them and to understand the financial literacy of it to be able to build for wealth. Having god credit can help you get better loan terms and help you plan for better spending in the future.

Checking Credit Reports

Everyones credit information is complied by three credit reporting agengies: TransUnion, Experian, Equifax. credit lenders use this informaton to determine rather or not to lend you something and what interset rate to charge. Your history is the basic of your decisions for the lenders risk-reward ratio. So it's good to check your credit report regularly.

Tips

Pay off Balances Strategically

Statements show cardholders how long it will take if they pay down their balance if they only pay the minimum payment. If you can't pay your balnce in full each month, then you need to reveiw your budget. Determine how much you can earnmark for that payment without sacrificing other long-term goals.

Flyer by; Caragan Hudson, Hannah Magee, and Lilly Snider

Citation; "Trading." Fidelity Investments. N.p., n.d. Web. 12 Dec. 2014.