YOUR CREDIT HISTORY will come back to haunt you if you are not careful. That’s the advice Scotiabank premium relationship officer Ren Robinson gave to a group of young professionals last week.
But Robinson, who along with colleague senior personal banking officer Carolann Walkes also highlighted the importance of setting a budget and sticking to it, also said there was no need for Barbadians to be scared of credit cards or incurring debt for productive purposes, including education.
Robinson and Walkes spoke on the topic Getting Financially Fit during an evening session at Scotiabank Rendezvous, Christ Church branch.
Robinson told his audience that it was very important to have a good credit history.
“And just remember that every time you are late, whether it be utility bills, credit cards, [or] loans, your credit history at the institution is being impacted.
“When you are young and you are reckless with your credit and you come later for a loan, for a mortgage, those things we will look at. That credit history follows you from the day that you start being a customer,” he pointed out.
“So manage your credit wisely and ensure that your credit history is impeccable so that it eases you when you look to get further credit from an institution.”
He also saw no reasons to fear credit cards, once they were managed properly.
“Another thing you should ensure you do is get a credit card. Now I know some persons are hesitant when it comes to credit cards but they are can actually work in your favour. If you are travelling you need a credit card. Online, overseas, everywhere is asking for plastic. . .
“That’s the way the world is going so you need to have a credit card. But manage it properly, pay your bills on time,” he advised, urging customers to avoid credit card cash advances.
Walkes also outlined the importance of budgeting.
“The first and most important thing you need to do is to set a realistic budget. It’s all fine and good to set a budget, but it has to reflect what you are actually doing from month to month.
“If it doesn’t then you are going to get nowhere. So you actually need to set pen to paper . . . so that you have a very good idea where your money is going each month,” she said. (SC)