What are the recommendations for responsible credit management?
The U.S. Treasury Department and the Federal Reserve Board recommend the following five fundamentals to successful credit management: • Build savings to avoid high-cost debt and improve payment options. • Pay bills on time. • Pay more than the minimum payment. • Comparison shop for credit and obtain only the credit needed. • Understand your credit history and how it affects you. October 16 is Get Smart About Credit Day. The goal of the American Bankers Association Education Foundation’s Get Smart About Credit program is to raise awareness about the responsible use of credit so teens and young adults can learn how to use credit correctly.
