Financial Health Steps – #27: Understand the cost of credit — NMBankruptcyBlog.com

This is the 27th in the series started here following a 30-step program in financial literacy over at the FinancialLiteracyMonth.com website.

Here’s from their Step #27:

It is important to carefully weigh your options before making a credit decision.

The total cost of a loan can vary between credit providers based on such terms as the interest rate, length of the loan, credit limit and grace period. This post defines some of these factors and provides worksheets for comparing loans or credit cards from three different sources.

Earlier posts in the series: #1: Commitment to change, #2: Assess your financial situation, #3: Clearing out financial clutter, #4: Set yourself up for success, #5: Get copies of your credit reports, #6: Clean up your credit report, #7: Make your money count, #8: Identify your starting point, #9: Do You Pass the Debt Test?, #10: Set your priorities, #11: Set SMART financial goals, #12: Set short-, mid-, and long-term goals, #13: Paying down debt is a smart financial move, #14: Expect the unexpected, #15: Securing your financial future, #16: Make a commitment, #17: Save for your goals, #18: Where does all the money go?, #19: Identify and document all your fixed monthly expenses, #20: Identify and plan for periodics, #21: Document your spending, #22: Identify ways to reduce spending, #23: Save money on groceries, #24: Share a tip for change, #25: Document your desired spending, #26: Protect yourself by performing financial check-ups

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