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Living on the streets is rough for a cat like me. I could be living in a nice fancy home like this one but my family has bad credit.
My owners used their credit to buy everything, shoes, clothes, etc. What they didn't think about was having to pay the card back.
When you don't pay off your credit cards you can go into debt. Not only that but you will send your credit score down the drain.
Your credit score is made by buying items off of your credit card and paying it off. The best way to have a good score is to pay your bills on time, don't over spend, and pay off the loan or credit card off as fast as you can.
A rule that you can always follow is the 20/10 rule. The 20/10 rule is where you don't borrow more than 20% of your net income and no more than 10% of your net income should go to the payments.
Your credit score is important. Later down the road lenders will look at your credit score and determine if they will allow you to borrow money from you. Your credit history reflects your credit history for the last 7-10 years.
You can always check your credit score by checking your FICO score. You can check your FICO score by going on line and finding a credible page that will give you the information you need to see your score.
The good thing about having good credit is that you can buy a house. Taking out a mortgage can be scary. The difference between a mortgage loan and a credit card is that a mortgage is paid off anywhere between 15-30 years. Purchasing stuff off of your credit card should be able to be paid off in a few months to a few years depending of the purchase.
That's what my family did. Then they started spending more than they could afford. Eventually they went bankrupt.
When you go bankrupt it means that you can no longer afford your monthly payments. There is tow types of bankruptcy. The first one requires you to use your assets to repay the loan you have, like foreclosing on a home. The second option is to keep your assets and pay a lower monthly payment.
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