Balancing a budget is difficult, but CNBC's Sharon Epperson has some tips to make it easier.
Credit cards can increase your chances of overspending
Carrying a monthly balance can add up quickly: Credit cards have high interest rates, potentially more than triple the interest rates on car loans and mortgages, so a high monthly balance canCredit cards can hurt your credit score as easily as they can hurt it: If you miss a payment or use too much of your available credit without making a payment, that can negatively impact your credit score.Credit scores seem all-important — but many young adults may not know exactly what they are.
"A credit score is a three digit number, usually between 300 and 850, that is the result of an analysis of your credit history," Epperson explained."That number tells lenders your potential risk and ability to pay loans."Credit scores matter a lot: A good credit score can help you qualify for low rates on credit cards, car loans and home mortgages. Some employers even take them into account, and if you're renting, most landlords will ask to see it.
"To a potential lender or employer, your credit score and your credit report, based on your credit history, indicate whether or not you are responsible and can handle your financial obligations," Epperson said."If you're trying to aim for a good score, you'll want a number that's above 700." There are some tactics that can help you boost your credit score: Pay your bills on time, and try to use less than 10% of your available credit.
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