Member Education & Consumer Tips
Use Your Credit Wisely
Before paying for an item with credit, ask yourself honestly: Can this purchase wait until I save up to pay the entire price? Is it worth it to me to pay more, rather than saving up? Do I have more pressing bills?
If you think of credit as a short-term loan to be paid off within a few months, you'll start making better use of your cards right away. Furthermore, if you can only afford to pay the monthly minimum for a prolonged length of time, you might want to consider putting yourself on a strict budget until the balance reaches zero.
You might also consider self-imposing a limit on the number of cards you carry. Too many cards with generous credit limits can be a red flag to creditors. Besides, the fewer number of cards you have, the easier it is to keep track of your debts.
| REMEMBER: | Own your cards, instead of letting them own you! |
At RCU we are committed to partnering with our Members to provide education, tools and resources on topics that will help improve your financial well-being. If there is a particular topic that you would like to read more about in a future issue of the Redwood Review, please contact us at (800) 479-7928, ext. 5273.
