How does low or bad credit affect my daily life?
Simply stated, bad credit costs you money! To better explain, let us take an example. If you borrow $150,000 on a house loan, the difference between poor and excellent monthly payments is dramatic. A person with excellent credit will pay approximately 5%, $805.23 monthly payments, where as an average credit score will have a 7% rate, $997.95 monthly payments, and a poor credit score will have a 9% rate, monthly payments will be $1,206.93. Over 30 years of payments, the poor credit score will pay $144,612.00 more than a person with an excellent credit score. This holds true for car loans, credit card rates and any other item where you borrow money.
