I remember as a kid growing up in a conservative Kansas farm family we always paid for our purchases with cash or a check. My first experience with establishing credit was to make three equal payments to the company I bought my new Singer sewing machine from. No interest was added; it was just a way to show responsibility to pay a bill in full. I still like to wait until I have the money in hand before making a sizable purchase. It just feels right.
Credit is a tool used by millions of Americans to accomplish their short and long term goals. When managed successfully, a home mortgage, car or student loan, and credit card account can bring many benefits, such as home ownership, a college education, or landing the job of your dreams. Poor management of credit can result in higher costs, lost opportunities, and added stress.
Using credit is only one of the tools in your toolbox for managing your financial life. Along with understanding the difference between needs and wants, setting financial goals, and following a spending plan, you will need to decide if using credit will help you meet your financial goals.
Since it is early in the year, I consider it the perfect time to get a handle on your finances. An educational fact sheet will be shared at a free program next week. Mark your calendar for Wednesday, February 19th, at noon, and join us at the Great Bend Activity Center located at 2715 18th Street. Jamie Rathbun, who is the Family and Consumer Science Agent for the Midway district, will be the speaker. She will share information about what affects a credit score, managing your credit behavior and reviewing your credit report.
I will present the same information a week later; Friday, February 28th, at 1 p.m. at the Great Bend Senior Center. I hope to see you at one of the programs!
Donna Krug is the Family & Consumer Science Agent with K-State Research and Extension – Barton County. You may reach her at: (620)793-1910 or dkrug@ksu.edu