Managing Your Debt

CBS Boston

BOSTON (CBS ) – April is Financial Literacy month and last week we talked about kids and cash. This week I thought we could spend some time on the grownups discussing money skills. Managing your credit is a learned money skill.

The latest Federal Reserve numbers from January has revolving consumer debt at $835 billion dollars.

Credit is a privilege, not a constitutional right despite what some people may think. Credit allows you to use someone else’s money, the credit card company’s, to buy the goods and service you need or want.

You are borrowing money every time you use your credit card and you do need to eventually pay it back. And if you don’t pay off your balance every month, the credit card company will charge you interest for using their money.

And if you are late in paying your monthly bill or miss a payment, the credit…

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