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Your credit score is a number that represents your liability to pay back debts, basically how trust worthy are you to pay a debt. Building a good credit score is important, to buy things you need a loan on. To build a credit score, you need to purchase things on credit, and pay them back fully. Things like bills need to paid back on time and every time. "A long credit history will help your score." (Understanding a Credit Score 13) Only apply for credit that you need and is necessary, and never max out or get close to your credit limit. Experts advise on using 30% of your available credit.

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"Debt is an obligation owed by one party, the debtor, to a second party, the creditor." (Debt 7) Debt sounds scary, but it can be a very useful tool to purchase things that cost too much to pay all in cash, like a car or a house. When you receive a loan, you are in debt, and pay back the lender all of the money loaned, usually in payments, plus interest. Interest is based on the risk of the loan. Drowning in debt is can lead to poor results. Factors that can contribute to this can be external, like income loss, and internal things like poor management of spending. To balance debt, you need to have a realistic budget. You need to know exactly how much income you have, and all your fixed expenses like bills. You also need to take into consideration the expenses that vary. That includes food, recreation, and clothing. You have to prioritize what expenses are absolutely necessary and the ones you can cut back spending on. When even budgeting doesn't work, its time for extreme measures such as debt consolidation, and filing bankruptcy. Filing bankruptcy is a court order that says one does not have to pay back debts, but stays on records for 10 years, and can make it difficult to buy a home, receive good loans, and in some cases get a job.

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Opening a bank account can be very easy. All it takes "In theory, is just money and a little personal information." (Unbanked vs Underbanked 4) However, there a large sum of Americans that don't have a bank account, unbanked, or supplement their account with alternative financial services, underbanked. There are a variety of reasons why someone might choose to not have a bank account. From avoiding debt collectors, to being fed up with fees and unexpected charges. Some people are even blacklisted by banks. These people handle all transactions with cash, and don't have an insured account to protect their money. Underbanked people choose to receive alternative financial services (nonbank). They have savings or checking accounts, but obtain financial products or services outside the banking system.

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When choosing to receive a loan, you mainly have two options, Payday loans and personal loans. A payday loan is a short-term  loan from a payday lender, usually for the purpose of giving you some money until your next paycheck. Its easy to get one, since you don't need a credit score. However, they are a very costly way to borrow with high fees up to 15% or more, which is equivalent to an APR rate of 460% for a two week loan. A better option would be a personal loan. "A person loan has a fixed interest rate, and a fixed repayment period." (Personal Loans 3) They require credit scores, and look more closely at your credit. You can shop for a loan at local banks, credit unions, or credit card companies.