Many individuals and small businesses simply cannot afford the cost associated with poor credit. They may end up spending thousands of dollars when a history of bad credit and poor spending habits are part of their financial history.
It’s no secret that bad credit can cost you money, but what consumers often don’t realize is just how expensive it can be.
- Mortgages
- Auto loans
- Auto insurance
- Rent
- Utilities
- Credit cards
- Employment opportunities
These and more are all at risk if one does not take the time to manage their credit.
We will take mortgages for the sake of the examples provided:
According to MyFICO, the annual percentage rate (APR) on a mortgage can vary by over 1.5% depending on your credit score. That may not seem like much, but it makes a huge impact on how much you pay over the lifespan of the loan.