Students & Credit

Access to credit for students is crucial in helping young people develop financial literacy and establish credit history. However it is also important for students to understand the implications of taking on debt and to use credit wisely. This can include avoiding high-interest credit cards and payday loans, and instead seeking low-interest options such as student loans to help pay for education expenses. Budgeting their spending and making timely payments is a great way to avoid damaging a credit score. Additionally it is also important to understand the terms and conditions of any credit product including interest rate, repayment period, and any fees or penalties that come with it. By being informed and responsible in their use of credit, students can set themselves up for a successful financial future. – Smarter Loans, www.smarter.loans