Consumer Credit
Jose and Rosa Martinez are a newly married couple in their mid-20s. Jose is a senior at a state university and expects to graduate in the summer of 2015. Rosa graduated last spring with a degree in marketing and recently started working as a sales rep for the Momentum Systems Corporation. She supports both of them on her monthly salary of $4,250 after taxes. The Martinez’s currently pay all their expenses by cash or check. They would, however, like to use a bank credit card for some of their transactions. Because neither Jose nor Rosa knows how to apply for a credit card, they approach you for help.
What kind of advice would you offer the Martinez family on the “correct” use of their card? What would you tell them about building a strong credit record?