Youth- Borrowing and Credit

The word credit means 'the power to obtain goods etc. before payment'.

For you, it is money that a bank or person allows you to use. If you use credit properly, it can be a tremendous help. If you misuse credit, you can get into a lot of trouble.

There are two types of credit:

Fixed credit

• Car Loans
• Mortgages
• Small personal loans

Revolving credit

• Credit Cards
• Lines of Credit

Using Credit Wisely- learning the rules

Are you planning to buy a car in the future? The car is the "cheap part". The other fees may surprise you. Click here for more information on buying a car Looking to purchase a house soon? Don't know where to start? Look no further! Click here for mortgage information

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