Using Credit Wisely

Mastering the Monster

What's credit and debit?

Credit is when you borrows money and promise to pay it back, sometimes with interest. Debit is used when the money you pay with comes directly from your account.


In order to develop a positive credit history, make sure you...

  • Make payments on time
  • Avoid excessive credit use
  • Restrain from opening multiple new credit cards at the same time


Financial apps and websites are available to help you in the financial realm: Betterment (financial advisor), Mint (budgeting), SigFig (financial advisor), Simple (accounting), LearnVest (financial planning), etc...


Advantages & Disadvantages of Credit Cards:

  • Adv: Convenient
  • Adv: Useful in emergencies
  • Adv: Purchase more expensive items
  • Dis: May have to pay interest
  • Dis: Easy to overspend
  • Dis: Identity theft is possible


The annual percentage rate is the amount of interest you will pay annually. The lower the APR, the lower your monthly payments will be. If an item costs $400 and your APR is 18%, then you will pay a total of $429.30 in 9 months, the extra $29.30 being the interest.

Annual Credit Report Request Service

The place to receive a free credit report once a year.

Refer to the ‘How to Dispute Credit Report Errors’ section of the FTC website if there are errors on your report.

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