Credit Cards
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Credit Cards
Credit cards allow you to make purchases and pay for services with money borrowed to a creditor. Students often ask whether credit cards are good or bad for their financial health. The answer is both. Credit cards can be a great tool to help you boost your credit score and make purchases with money that you don’t have available. On the other hand, credit cards can easily and rapidly become one of the most dangerous threats to your financial well-being when not managed responsibly.
Making late payments and not paying your balance in full every month results in high-interest
costs, late fees, and impact your credit score negatively. Missing a payment might
lower your credit score by 90 to 110 points. Why is credit score so important?
If you pay off your credit card bill in full each month, you will never pay interest
on what you've borrowed. Managing your credit cards responsibly is essential to your
financial stability.
Am I ready for a credit card?
Are you thinking about getting your first credit card? Find out if you are responsible enough to have one and use it wisely by taking this quiz below. Access the quiz by clicking the image below or visiting: https://middlesex.igrad.com/landing/credit-card-quiz
- How credit card use is changing
- How to read the Schumer box
- How credit card companies make money
- How to manage credit card payments
- How credit card use affects your credit score
- Why and whether you need a credit card
- Credit card terminology
- How credit cards work
- Perks of having a credit card
- Risks involved when using credit cards
- The warning signs of excessive consumer debt
Access the course by clicking the image above or visiting https://middlesex.igrad.com/courses/using-credit-cards-responsibly