We’re expected to pay taxes, make payments, take out loans, review interest rates, and manage credit cards the moment we’re thrust out into the world after high school. It can be a heavy amount of information we are expected to learn once we hit the age of 18, considering our basic education does not cover the ins and outs of financial literacy today.
More important than loans or rates is one measurement of financial trustworthiness that can make or break your future, according to finance entrepreneur Colin Yurcisin. It’s known as credit.
When individuals fail to pay back loans, accumulate more debt than they can pay off, and make poor financial decisions at a young age, they impact their credit score in a damaging way.…
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Credit cards can be a wonderful business tool. They allow you the flexibility of easily using credit to make purchases under the promise that you will pay back the money that you borrowed on credit. Credit cards are a great tool for consumers and for regular small businesses. They give you easy access to credit and allow you to focus on what is most important for you in your business and in your personal life.
It used to be that even upstart businesses with no credit history could secure $50,000 lines of credit with no documentation. Bank of America began such a program in 2006. And since then, other banks followed suit offering $50,000 and $100,000 loans to new and un-proven businesses. In a press release at the time, Bank of America stated that even “a small business owner in business for only one day could qualify” for its $100,000 line of credit program.
