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Life Planning Establish credit If you have not yet established credit, now is the time to do it. Be warned, however, that every penny spent on credit has to be paid back. If you are going through financially precarious times, it is especially important that you never charge more on your credit card than you can pay when your statement comes. If you allow your debt to revolve, you’ll eventually have paid more than you ever really spent, so pay that card off completely every month. Never neglect to pay your credit card on time, even when your credit card says you’ve earned a “payment holiday.” They’re just trying to get you to accumulate more interest so they can make more money off your negligence. If you wish to establish credit, get a credit card from a small, LOCAL bank or credit union, as the larger banks often invest in socially unjust causes that negatively affect you in a roundabout way. In addition, when you establish credit at a local bank or credit union, you are less likely to have phantom charges on your credit card, and the charges are easier to remove in the event that you do. |
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