Financial Responsibility - Take it Seriously

As you incur debt, the companies that lend you money expect and rightfully so that they will be paid back according to the terms of the contract. While no one enters into these contracts without the intent to repay them, it becomes very easy to get priorities mixed up. Taking a vacation becomes more important than paying the car payment, Christmas presents take priority over the house payment in December and so on. While it may be easy to say "they are a big company they won't miss my payment for a month", it is this kind of thinking that will destroy your future from a credit worthiness standpoint. While vacations and Christmas presents are important, these things need to be a result of a savings pattern and taken at the expense of the debt holders. It is incumbent about you the borrower to insure that you do not over extend yourself from a credit perspective. Do not wait for a lender to say no you have enough credit to determine the maximum amount of credit that is right for you. Borrowing money is a major undertaking so insure you are ready to make the payments before you ask for the funds. Remember, if someone asked you for a loan even if it was only $5.00, you would want to know when they are going to pay you back. The fact that the lender is a company as opposed to a personal friend does not change the fact that they are entitled to be repaid and repaid in a timely manner.