Debt

Borrowing can be necessary or helpful for covering large expenses that you cannot afford to pay at once but can reasonably afford to pay off over time. Payment for educational opportunities, houses, and cars are often paid for with loans, providing you with an immediate benefit while minimizing the up-front costs. The same goes for covering the costs of an upcoming vacation or a new piece of technology with a credit card; you receive the immediate benefit and the opportunity to pay off the debt over time.

It's All About Trust

When you borrow, you are able to receive the funds you need now with the obligation to pay it back later with interest. Failing to meet your half of the agreement will result in unfavorable consequences, including an impact on your credit score. These consequences can be avoided by making responsible borrowing decisions. 

Your ability to borrow, in most cases, is dependent on your trustworthiness, or “creditworthiness.” When you have good credit, you might be able to borrow more money at lower interest rates and with lower or no annual fees. When you have poor credit, you may not be able to borrow at all. Maintaining access to credit will be increasingly important as you move through life, whether you plan to go back to school and need additional student loans, or if you are planning major purchases, like a car or a house.

Set Yourself Up For Success

Your credit score will be with you for your entire life, and it’s used by more than just credit card companies to determine your trustworthiness. Your credit score or report may be viewed by potential loan lenders, landlords, or employers. Treat your score with care and make financial decisions that keep it in good standing. Even if you are years away from signing a lease or buying a car, your current financial behaviors could be impacting your credit. Getting an early start to building credit may also improve your credit options later.

Debt Resources

Whenever you decide to take on debt, it's crucial to be well-informed of all of your options. The choices you make now have the potential to make or break your financial future. We've curated some resources that will help you make responsible borrowing decisions and practice healthy financial habits. 

Credit Resources

Whether you have a credit card already or you want to open one, consider using these resources to build or improve your credit score. 

Loan Resources

Need to take out a loan? Here are some resources to help you understand the process.

Credit Resources

Whether you have a credit card already or you want to open one, consider using these resources to build or improve your credit score. 

Loan Resources

Need to take out a loan? Here are some resources to help you understand the process.