The procedure for using credit wisely involves: (1) reviewing the budget to determine affordable purchase amounts, (2) ensuring credit payments do not exceed 20% of the monthly paycheck, (3) paying more than the minimum amount on charge accounts, (4) avoiding borrowing from one creditor to pay off another, and (5) prioritizing the use of cash over credit cards.

Authors

• Person: Not available Organization: Bethune-Cookman University
  Personal Finance and Debt Management

Sources

• Personal Finance and Debt Management www.cookman.edu Bethune-Cookman University via serper

Referenced by nodes (2)

• credit cards concept
• cash concept