Thursday, June 30, 2005

Building Credit Sensibly

While paying cash is preferable over paying interest, there is still a need in today's society to use credit cards for things like, car rentals, security deposits and the like.

The challenge is, how do you use credit without getting in too deep.

Think about searching for "secured credit cards" You will get a list of banks and other lenders that offer credit cards backed by money you put into a savings or checking account. So, for example, you might get a credit card with a $500 credit limit, and in return you have to deposit $500.

By balancing the amount of available credit with your own money, you will not over spend and will avoid building up large credit card balances.

2 Comments:

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