Your Choice Blog #1

The article I found is called ‘Why Holiday Shopping Can Drop Your Credit Score Quickly’. This article talks about how during the holiday season it is easy to spend more money than you can afford. People tend to use their credit cards more around this time of year for convenience. While customers get excited about the holiday season they tend to forget about paying bills. Unfortunately, some people find that they have more payments on their credit card than they can afford. So they miss payments and their credit scores go up. Creating holiday debt that cannot be responsibly managed can result in late payments that will remain on a person’s credit report for seven years, potentially lowering the credit score and limiting access to future credit. This is a tough season to not spend an excessive amount of money.

I think the information in this article is accurate because it is so easy to spend more money than you want to on Christmas presents and if you can’t afford or miss credit payments your credit score will increase. People need to make budget sheets for the holiday season because without one, it is more likely that you will spend more than you can afford. The purpose of this article is to let people know that they need to be smart and safe when spending money or using their credit cards in the holiday season. It is completely fine using your credit card as long as you are paying it off on time.

This article doesn’t apply to my life yet, once I get a credit card it will. It taught me that I need to plan out what and how much I am going to spend and make sure I can afford everything I plan on buying. It also taught me that I need to always pay off my credit card by the due date in order to not get a ‘bad’ credit score. This article relates to personal finance because throughout the semester we learnt all about credit cards and credit scores. We learnt how to budget our money and the importance of them as well as the importance of paying off your credit card by the due date. I found this article not only useful but very relatable to what we are learning in class.



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