When you’re aiming to build a credit report, do it wisely. Do not use more cards than you require because a single non repayment can begin a whirlpool of non-payments. Segregate the use of credit cards for particular uses. This way you’ll have a hold over your expenses, credit and credit report. Of course you need to have credit, but this needs to be good credit and not a long list of outstanding credit bills. Do not build large credit accounts if there’s really no need for it.

Try and limit your credit to an amount that’s realistically payable by you. Buying today and paying tomorrow, is easier said than done. All this, and even public records regarding you that are obtainable from government sources, especially law courts, could be recorded in your credit report. This pertains to information regarding liens, bankruptcies, and overdue child support. Such details are recorded for 7 years. So plan your finances well because every mistake on your part is noticed and it could cost you dearly.

When you’re making your New Year’s resolutions consider the findings of a recent national survey done by the Financial Industry Regulatory (FINRA) Investor Education Foundation with input from the AICPA (American Institute of Certified Public Accountants).

Nearly half of the survey respondents reported facing difficulties in covering monthly expenses.