What Is Credit?
What is credit anyway?
In this premiere episode of the new YouTube series Money Minute, I break down the answer in 60 seconds or less.
Check it out…
Video Transcript
Credit – it’s NOT about how big your paycheck is or how much money you have in savings.
It’s about how well you BORROW money.
In other words if I give you a loan, how likely are you to pay it back on time, as agreed and in full – Likely? Good credit – Unlikely? Bad credit.
Where you fall on the credit spectrum depends on your credit history – your history of borrowing money.
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