National Debt Relief Talks About Credit Lessons Parents Might Have Overlooked
Los Angeles-Long Beach, CA (PRWEB) June 30, 2015 -- National Debt Relief recently shared in an article published June 5, 2015 some of the credit lessons that parents might have overlooked when they were teaching their children some financial lessons. The article, titled “Credit Lessons Your Parents Forgot To Teach You,” points out some important credit tips for consumers to look into.
The article starts off by pointing out that parents usually have talks with their children about a lot of things in their life, including their finances and how to budget their money. But even that talk about personal finance probably did not include some very important lessons about credit. The article shares some of them to help consumers manage their finances.
One of the things that parents probably forgot is to teach how even a half-percentage interest rate reduction can do wonders for their budget. It is no secret that a lower interest rate can help lower down the payment but consumers should not look down on even half-percentage reduction.The savings they can get can mean a beer, a latte or in 12 months, a pair of shoes.
The article also explains that paying interest can really be a painful experience especially if there are missed payments or carrying the balance over to the next month with credit cards. The compound interest works to their disadvantage and accumulates over time to increase the payment on the purchase. Interest is assessed on interest compounding the payment.
Another credit lesson that parents might have overlooked is making it clear that good credit doesn’t just happen. It takes a lot of hard work to keep the score up and it takes an equal amount of work to maintain it. People do not just stumble on great credit score because if takes years of on-time payments among others to get a high score.
The credit limits aren’t just suggestions also and consumers need to remember that they should take this seriously. Not only does it impact their budget but managing their credit limit also has an effect on their credit score. To read the full article, click this link: https://www.nationaldebtrelief.com/credit-lessons-your-parents-forgot-to-teach-you/
Paul Ritz, National Debt Relief, http://www.nationaldebtrelief.com/, +1 1-888-703-4948, [email protected]
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