Our credit system is a remarkable thing. It provides opportunities for people from all walks of life to accomplish things that previously were reserved for those of privilege. Owning a house, earning a college degree, starting a business—these dreams come true every day thanks to the idea of credit. But if credit is misused or consumers are unaware of their rights in a credit transaction, what had once been a dream come true can wind up feeling more like a burden. Knowing how credit works—and how to use it wisely— is essential to achieving personal financial goals.
How much do you know about credit? Take the Credit Quiz to find out:
DEBT MANAGEMENT TIPS
Review your statements regularly from your creditors while on the DMP. Report any unusual fees or activity to CCCS Operations Department, and send a copy of each of your statements every three months for official review.
Make your spending habits consistent. Large expenses should be pro-rated over a period of time.
Act your own wage!
Make the budget a family project. Everyone must be involved in order for it to work.
No more than 25% of your monthly income should go towards installment debt – credit cards, loans, car payments, etc.