West Texas Organization Conducts Financial Seminars

On Thursday, the Galilee Community Development Department hosted a Credit 101 workshop.

SAN ANGELO, Texas. With inflation soaring last year, reports show that low- and middle-income families are turning to credit cards to survive. Experts say it’s important to use credit cards wisely.

On March 9, a seminar was held in the Concho Valley where the community was taught everything about credit.

With a simple swipe of a credit card, you can buy almost anything. However, when these balances continue to grow and interest begins to pile up, problems begin.

“Credit cards are basically the number one way to increase your creditworthiness and … destroy your creditworthiness very quickly,” said Emily Lloyd, Galilee CDC’s new home coordinator.

“So you have to be very disciplined, very careful and very careful with credit cards, because they usually have a very high interest rate. I think some of the cards have been at 30 percent lately,” she said.

Lloyd works with the Galilee Community Development Corporation in San Angelo. They help families find their way to owning a home, and financial literacy is part of that journey.

“The very first thing to do is to budget and see how much you are spending in total and how you can cut your expenses, increase your income, and then start paying more on your debt to reduce that payment,” Lloyd said. .

Part of the journey to owning a home is understanding how credit works.

“So, 35 percent of your credit score is based on timely payments. So just start paying all your bills on time and it will really increase and help,” Lloyd said.

On March 9, the Galilee CDC hosted one of several workshops planned for the community. The workshop covered everything there is to know about building or rebuilding credit.

“We talk about everything to do with credit, so we talk about what’s on a credit report and how to get a free credit report,” Lloyd said.

“We’re also talking about how it all adds up to your credit score and how it can be affected in different ways, so how much debt you put on, how much credit you use all play an important role.”

For upcoming workshops, follow their Facebook page: facebook.com/GalileeCDC.

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