More For Your Money - University of Illinois Extension
http://MoreForYourMoney.extension.uiuc.edu
Use Credit Wisely
Remember, use credit wisely and only when necessary. Ask yourself these questions before you use credit.
Activity
Answer yes or no to each question below.
| Is this item something I really need? | ||
If no, rethink whether you want to use credit to pay for it. |
||
| Can I make payments every month? | ||
If no, wait until you can afford the monthly payments. |
||
| What if I can't work for a while? Will I still be able to make the payments? | ||
If no, rethink the purchase, especially if your work is seasonal. |
||
| Have I shopped for the lowest annual percentage (interest) rate? | ||
If no, compare interest rates. |
||
| Can I afford to tie up my future income paying off my credit debt? | ||
If no, don't use credit or wait until you have more income. |
||
| Will the item still be useable when I finish paying for it? | ||
If no, use cash. |
||
If you answered yes to all, you are correct!
