These days, everyone needs to know about credit. Being on top of your credit can help you avoid financial turmoil and strive toward financial independence.

A recent study by Lending Club, an online loan site that brings together lenders and borrowers, found that women in the United States are lagging behind men in credit awareness. The study found that:

• Only 65 percent of women knew their credit scores, compared with 74 percent of men.
• Only 72 percent of women were aware of their credit card’s interest rate, whereas 84 percent of men were.

These numbers are problematic. Despite the improved consumer protections introduced by the Credit CARD Act and other legislation, individuals need to take control of their finances in order to truly develop and maintain financial stability.

Improving Credit Awareness

While credit awareness may not seem like an immediate need, it’s an important skill to develop for the long term: divorce from or the death of a partner can leave women unready to manage on their own financially. Here are some steps you can take (or encourage the women in your life to take) in order to prepare yourself for whatever life may throw you:

• Know where you stand: Visit www.annualcreditreport.com and check out a copy of your credit report. You may want to pay to see your credit score as well. Review the interest rates on your credit cards and loans (they appear on your monthly statements), your monthly expenses and your savings and investments. Understanding where you stand financially is an important part of knowing how to navigate.
• Make financial work a team effort: Even if one spouse traditionally pays the bills, be sure to communicate with your partner about how bills are getting paid, what you’re spending money on, and what your plans are for the future. That way, if something happens to either spouse, the other is prepared to take over the reins.
• Learn to negotiate: Sources note that most forms of credit are not set in stone, and you can (and should) always try to negotiate for better terms. Whether that means asking for a lower interest rate, a reduction of the total amount you owe or a longer period of time to pay a loan back depends on your situation.
• Keep your credit alive: Some people have the misconception that married couples can have “joint credit,” but credit reports and credit scores are only maintained on an individual basis. In order to keep an active, healthy credit history, you have to regularly and responsibly use sources of credit in your name. This could mean making an occasional credit card purchase and paying it off, splitting the payment of bills between spouses, etc.

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