Subject 6 of 15
Credit & debt
Use credit without getting burned: how interest works, what moves your credit score, and how to pay debt down.
How does interest on a credit card actually work?
8 modules, from the first step to the finishing touches. Each one is a few short lessons you can do in one sitting.
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1
What a balance actually costs
How credit cards charge interest, when carrying a balance is free, and when it starts costing you every day.
9 lessons -
2
The number they look you up by
What your credit score is, what goes into your credit report, and the habits that move the number most.
8 lessons -
3
What a loan is made of
Where each loan payment goes, the fees hiding outside the rate, and how to compare two offers fairly.
7 lessons -
4
Which debts are worth it
Secured versus unsecured debt, borrowing that builds something versus borrowing that doesn’t, and loans built to trap you.
7 lessons -
5
Clearing what you owe
Two proven ways to pay off debt, the cheapest and the easiest to stick with, plus how balance transfers work.
6 lessons -
6
Changing the deal you already signed
Your debt isn’t set in stone. Negotiating, refinancing and consolidating, and what each one costs.
5 lessons -
7
What the loan actually bought
When a car or a degree loses value faster than the loan shrinks, and how to avoid owing more than something is worth.
7 lessons -
8
Paying in pieces
Buy now, pay later and interest-free instalments: when they’re really free, and when they get expensive fast.
5 lessons
Questions about credit & debt
How does credit card interest work?
If you pay the full balance by the due date, you usually pay no interest at all. Leave some unpaid and interest starts adding up on it, often at a high rate. The first module shows exactly when a balance is free and when it gets expensive.
How can I improve my credit score?
Pay on time, every time, and keep your balances low compared with your limits. Time does the rest. Lever explains what your score is made of and which habits move it the most.
What’s the best way to pay off debt?
There are two popular routes: pay the highest interest rate first to save the most money, or clear the smallest balance first for quick wins that keep you going. Lever compares both so you can pick the one you’ll finish.
Ready to start credit & debt?
It’s free, and your first lesson takes about two minutes.