Credit, Loans and Borrowing

Resources in this section will assist youth to:

Click on any of the following question groups for an explanation and a list of related links and resources:

Q When do people borrow? Why do people borrow? How can you borrow money if you need it?
Q What is "credit" and what types of credit are there? How do credit cards work and what affects my limit? What affects my payments? Why do so many companies want me to have a credit card? What are the pros and cons of using credit, and what if I get in over my head?
Q What's this talk about "credit rating" and "credit worthiness"? What affects my credit rating/worthiness, and why should I care?
Q What determines the costs of borrowing or using credit cards?
Q What are interest rates and why do they matter? How do I compare rates to get the lowest rate possible?
Q Where can I apply for a student loan? What will determine if I qualify and how much I can borrow? When and how do I have to repay a student loan? What if I have problems repaying a loan?
Q What are some of the warning signs that I might be having - or heading for - debt problems, and what are some actions I can take? What is bankruptcy, and what do I need to know if I ever face bankruptcy?