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'Credit Made Clearer': How Credit Really Works

how credit really works

By Cate Sevilla

As someone who has never had a credit card of my own, credit cards, loans and mortgages all scare the hell out of me. Yes, I'm a grown woman, but good god we're in a recession. (Also, I'm an immigrant who was too young to have "good" credit in her homeland when she left, and is still trying to build up "good" credit in her new place. Give a girl a break.)

In this day and age, banks are commonly viewed as "bad" or "criminal" or even "the devil", depending on how you speak to. They don't have a great reputation these days, and a lot of us would rather stuff our hard earned cash under a mattress somewhere than deal with their ridiculous fees, and untrustworthy antics. (Never mind their mind-numbing TV adverts .)

However, it would appear that there may be at least of these "devils" out there who might actually care about helping the average person out with their finances, and helping to explain how credit works. Without trying to see you something.

A rare concept, I know.

Hearing the name "Capital One" may not give you the warm and

fuzzies when you immediately hear their name, but their new "Credit Made Clearer " initiative has pleasantly surprised me.

I recently sat down with the folks of Capital One with a number of other lady bloggers to talk about Credit Made Clearer, and they honest seem to really care about educating everyone from children to little old ladies on how they can prevent debt, and genuinely understand how the credit system actually works. As they put it, debt can happen to anyone at any age. (Unless you're 6 months old. And then that's clearly your parents fault.) And they are seriously giving away free financial education without trying to sell you something. It's nuts.

To help educate the masses, the Credit Made Clearer mainly exists on YouTube at the moment, with clever videos which - using ninjas, aunties, and square-jawed flight attendants - explain everything from the basics of credit, to the best way to deal with your credit card when traveling. (Don't get your foreign cash at the airport, folks!)

Take a look for yourself, and see what I mean.

Entertaining and informative, eh? Like what you see? Check out more on the Credit Made Clearer website .

Category: Credit

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