Mary is 38 years old and many of her friends have gotten into trouble using their credit cards to buy things they can't afford.She feels lucky that her grandmother told her that credit is dangerous and that she should always pay cash for everything.So far,Mary has never had credit in her name and even paid cash for her car.From a personal finance perspective,what advice would you give to Mary?

Question

Quizplus · Accepted Answer

While it's great that Mary has avoided the pitfalls of credit card debt, not having any credit history can make it difficult for her to obtain loans or credit in the future. Establishing credit by obtaining a credit card and using it responsibly can help build a positive credit history. Additionally, some insurance companies may use credit history as a factor in determining rates, so it's worth checking with an agent to see if this is affecting Mary's insurance costs.

Mary Is 38 Years Old and Many of Her Friends