Understanding the cost of credit is vital to your credit sustainability. We all want to be the person that “GET IT”. Again those that “GET IT’ makes a conscience decision to respect, value and protect it, therefore use credit as a tool to build your financial status. Credit is and can be an amazing tool and a great asset in your everyday life when needed.
The more you know about interest rates, he better prepared you will be when acquiring credit,( fixed rates and variable rates). A fixed rate loan means the rate doesn’t fluctuate and this allows the borrower to accurately predict future payments, and you most likely will not fall behind with your payments , because you have already planned them in your budget.