"Credit is important. It translates your future earnings to today's purchasing power. It is like investing on potential earnings of tomorrow based on its returns for today," said Vivek Gupta, a New Delhi based chartered accountant. "Credit also wants to make you work hard and achieve more which can be measured in terms of monetary value," he added.
Every adult needs to establish some form of credit or the other as soon as possible in life to be able to get better credit in the future. So if you are a student or graduate just out of college, you should start building your credit history just like your career.
In future, when you need to buy a house or a car and you are in need of a loan, it is very important to have a credit history. Getting a secured credit card or a small loan is a good place to start building a credit history.
Since you are beginning to build a credit history, it is important to note the following points as creating good credit history requires intelligent use of credit card.
Never borrow more than what you can repay.
Do not stick to minimum amount duerepayment. You will still be charged interest on the entire amount you owe.
Pay all your dues by due date.
Use your credit for bigger and more useful stuff like durables and not on restaurants and grocery bills.
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