Credit can be a strong financial tool to help consumers and small business owners manage their money. Effectively managing credit requires a solid understanding of some key credit “Rules of the Road.” Borrowers must understand the agreements that they enter with lenders. They must have a healthy dose of personal responsibility, and should establish patterns that will keep them in good standing with their creditors.
Most credit users understand the need to manage credit effectively, but they are not a “One Size Fits All” group. The needs and perspectives of credit users differ, based on their level of experience with credit and how large their outstanding balances are.
BBB created Managing Credit — Made Simpler (www.bbb.org/credit-management/) to give customized credit management guidance to different types of credit users, based on their specific needs and perspectives. Each of three (3) customized versions give credit users the strategies and guidelines they need to take charge of their specific financial situation.
NEW TO CREDIT helps consumers interested in securing their first credit card and managing a personal credit line for the first time;
BALANCING ACT helps consumers whose but financial situation has changed recently;
OVERWHELMING OBLIGATIONS can help someone who needs to pay down high balances.