Jerevie Canlas, Ph.D., CFLE,
Empowering Financial Wellness Program Coordinator
In all fairness, credit cards are very convenient and help individuals build credit - because there are things that are not easy to purchase in cash. However, it’s really tempting to overspend with a credit card. If not used cautiously, excessive credit card use can put you years behind in your financial goals. Imagine this: you are using credit cards to build credit so you can purchase your own home. When you miss a payment or are not able to pay your balance in full, you might not be able to build good credit, so you end up getting a less desirable interest rate on a mortgage loan. What’s worse, since you’re paying off debt, saving for a downpayment for that dream home might take longer. Just with this scenario, the biggest advantage of credit cards is credit building, and the biggest pitfall is overspending and debt - exactly the things that will ruin the credit you’re wanting to build.
With so much that feels beyond our control, chaotic or hectic right now, it’s nice to revisit personal finance best-practices, which are completely within our control! The PowerPay Money Master Online Course is a video-based course with worksheets and further resources designed to help participants take a deeper dive into the topics they need most. This structure allows people to really tailor their course experience to their individual needs.
Come join the fun and strengthen your path to financial freedom with real-life money smarts and expert financial management tips designed to help you take control of your financial future. Can't wait to see you there!
-Excerpts from Utah State University Today article by Julene Reese
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