Taking Control of Your Finances: A Beginner’s Guide to Credit

As a child, you’re taught many essential life skills, but one crucial aspect often gets overlooked: money management. If you didn’t learn the basics of finance from your parents or in school, navigating the world of personal finance can be daunting.

That’s why we’re launching a series of Money Talks, designed to help you get more familiar with money management. In this first lesson, we’ll delve into the world of credit, a crucial aspect of personal finance.

What is Credit, and Why Do You Need It?

Judette Kurasz, vice president and financial literacy officer at Byline Bank, explains that credit is essential for making big-ticket purchases, such as a house or car. But it’s not just about making large purchases; having good credit can also help you qualify for lower interest rates and better loan terms.

Understanding your credit score is key to unlocking better financial opportunities.

The Basics of Credit: What You Need to Know

Having good credit is not just about being responsible with your finances; it’s also about understanding how credit works. From credit scores to credit reports, there’s a lot to learn. But don’t worry, we’ve got you covered.

In our next Money Talks lesson, we’ll dive deeper into the world of credit, exploring topics like credit cards, loans, and how to maintain good credit. If you have ideas for future lessons, email us at CBSChicagotips@CBS.com.

Stay tuned for more Money Talks lessons, and take control of your finances today!