By David Hsu, Fall 2016 Student Intern
Some of the purchases in our lives cannot be made simply by saving up to purchase them. Buying a home or car, funding an education, or other major expenses may require borrowing money. Making the right decisions when it comes to borrowing money can make a tremendous difference in our finances over time.
The final building MyMoney.Gov Five building block, Borrow, revolves around being able to make the best decisions possible around borrowing money. This includes maximizing and keeping abreast of your credit score, resources to find loans with the lowest interest rates, information around student loans and other financial help with education, and more.
The MyMoney.Gov website has cataloged over 200 resources to help people with borrowing money. Some of the highlights include an overview of credit and loans from the FTC, the FTC’s explanation of the Free Credit Reporting Act and where people can get free credit reports, an in depth explanation of everything contained in your credit report from the Federal Reserve, and a number of resources to help with paying for educational expenses from the U.S. Department of Education.
The MyMoney.Gov website compiles information and makes it readily available. Without a central repository for financial information, citizens would have to research what is available at each individual agency. These resources are available not only to answer questions we may run into about financial decisions, but also to shore up weaknesses we may have within these various building blocks. By ensuring we have strong building blocks, we will be able to build a strong financial picture for the future.