What is a borrower's responsibility once they receive credit or a loan?

Once a borrower receives credit or a loan, an essential responsibility they have is to make their first payment within the specified timeframe, typically within 30 to 45 days. This responsibility ensures that they remain compliant with the terms of the loan or credit agreement. Timely payments are crucial for maintaining a good credit score and avoiding late fees or penalties. Making payments on time also helps to build trust with lenders, which can be beneficial for future borrowing opportunities.

In contrast, merely waiting for reminders to pay does not align with the proactive responsibility borrowers have to manage their finances. Consulting a financial advisor, while potentially beneficial for broader financial planning, is not a mandatory obligation related to the receipt of credit or a loan. Additionally, increasing a credit limit is not a requirement after obtaining credit; it may be a goal for some but does not fall under the basic responsibilities of managing a loan or credit.