Poor credit history may make you pay more for your loans

Jan 24 2014, 21:15 IST
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Availing of a credit means that one is borrowing money with a promise to pay it back within a specified period of time, with interest. Availing of a credit means that one is borrowing money with a promise to pay it back within a specified period of time, with interest.
SummaryCredit score is a statistical method to compute the possibility of a person paying back the money that he has borrowed.

higher interest rates and rigid terms and conditions. One must keep the outstanding debt as low as possible and avail of credit only when it is absolutely essential, keeping in mind the current and near-future cash cycles.

The writer in an associate professor of finance and accounting at IIM Shillong

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