Most people think of credit as the amount of "credit" they have on their credit cards. Sadly, this is not the case we are referring to. Credit in the context we are using refers to debt like a mortgage where the item being paid for increases in value. This builds wealth instead of losing value. Let's look at two examples:
You purchase a car and have a monthly payment. The longer you have the car, the less value it has. This is an example of debt.
You purchase a house or property and have a monthly payment. The longer you hold the property, the more it is worth (it builds equity). This is an example of credit.
Remember, credit is good, debt is bad. Keeping this in mind will help you improve your financial standings greatly.
Watch the enclosed video and respond to your peers in the discussion forum, sharing your thoughts and responding to theirs.