Cash, Loans, Debts, and Promises

Safeguarding Your Card, Your Money, & Your Future: Lesson 2

Bad Credit

  • Avoiding bad credit is FAR EASIER than fixing bad credit
  • Avoid bad credit by avoiding debt you can’t manage:
    • Save up for things, and buy only when you can afford what you want/need.
    • Buy things with a credit card ONLY when you will pay off the full balance when billed.
    • Think hard before you get a loan for something, including for education – then make it your mission to pay it off on time.
    • Buy used!
  • The length of time bad credit will haunt you depends on how serious your problems were. It can haunt you for years and keep you from jobs.
  • Bankruptcy will not clean up bad credit. Creditors will consider you a bad risk afterward and will either not give you credit or credit will be costly.
  • DON’T USE PAYDAY LOANS. Just my opinion. Shared by lots of other smart people.
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