Credit facilities is an important aspect of financial planning. If intelligently optimized, the use of credit facilities can assist an individual in attaining his or her financial goals and objectives. The use of credit facilities has also enabled individuals acquire assets in a comfortable way. But on the flip side, credit facilities must be repaid, and if not effectively handled, can lead to multiple problems, one of which is being bankrupt. Credit facility types varies amongst individuals, it could be in personal loans for non durable expenditures majorly to cover up shortfalls in cash. It can also be in form of auto loans, the purchase of cars which is usually secured by the car purchased with an initial down payment.