Credit isn’t bad; the misuse of credit is bad. Credit can be very dangerous in the hands of an impulse spender or a person who defines herself by her closet. This can cause that individual to go into a lot of debt. However, if used wisely credit can be very helpful. Let’s face it. Our credit score matters because we need it if we want to buy a home and we need to carry a mortgage, to apply for an apartment, and sometimes to even be considered for employment. Instead of thinking that credit is bad, I want you to see the ways that you can use credit responsibly.
There are many positive benefits to using credit. The main thing is to only use it if you actually have the cash to pay the charges back in full and on time at the end of the month. Otherwise, the revolving balance will incur interest costs. Also, if you make a late payment, then not only will you incur a late fee, but you will lower your credit score.
Be sure to leave a comment to let me know how you plan to use credit.
Aisha Taylor is a #1 Amazon Best Selling Author of the book “5+5 FNPhenomenal Ways to Save $100 This Week Without Killing Your Lifestyle”, the Founder of FNPhenomenal (Frugal –n- Phenomenal), and creator of The Live Phenomenal Program. The Live Phenomenal Program is a program designed to give you the tools that you need to totally transform your finances, and stop living from paycheck-to-paycheck. It’s time for you to be Financially Phenomenal! Book your complimentary 20-minute financial clarity session with Aisha here.
If you need deeper work around healing your relationship with money or overcoming your blocks and fears, maybe it’s time for some money therapy.