The following topics are inclusive to the Financial Affairs Channel. Under military regulations and instructions, you're expected to discharge your financial obligations in a proper and timely manner. Every time you buy a product or service with something other than cash, you create a financial obligation. If you use a credit card or some other form of credit, the financial obligation exists until the creditor has been paid. If you write a check, the obligation is not satisfied until your bank accepts or honors the check.
Credit is the ability to borrow money or purchase merchandise with a promise to pay in the future.
The amount of credit you can obtain depends largely in part on your credit rating. A local credit bureau compiles your credit rating by using information from merchants and lenders on how you repay your financial obligations. A good credit rating is an asset, but having large amounts of credit readily available can be dangerous if it is not used wisely. Credit is an extremely useful financial tool that can t be beat in regards to convenience, safety and wide spread acceptance by merchants. In addition, people like to have credit because it gives them more purchasing power and personal freedom than cash alone would give.