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Five Fundamentals for You to Follow
Looking for guidance on responsible credit management? The U.S. Treasury Department and the Federal Reserve Board announced five fundamental practices that, if followed, can help people successfully manage their credit. They are:
1. Build savings to avoid high-cost debt and improve payment options.
2. Pay bills on time.
3. Pay more than the minimum payment.
4. Comparison shop for credit and obtain only the credit you need.
5. Understand your credit history and how it affects you.
These practices were culled from discussion among financial services organizations and community and consumer groups, including the ABA.
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