Borrowing money can be a necessity in today's economy. When you purchase a home, buy a car or pay college tuition, chances are you're doing it with borrowed money. And banks want to lend to people who have a good track record paying their bills. But if you have large credit card debts that you can't pay on time, you may be headed down the road to serious financial problems.

Your credit record is a permanent one. Skip your bill payments, pay bills late or abuse your credit, and credit companies will enter the information into your credit report, which is available to anyone to whom you apply for credit. Building and preserving a good credit report is essential, and here is information that can help.