What are the implications of bad credit?
If you have bad credit, chances are you are paying high interest payments to some loan you haven’t paid off yet. You are probably paying high interest to a car loan or credit card that you haven’t fully paid off yet or a slightly behind on. Second, in addition to paying high interest payments, every loan you get thereafter will be on worse terms with higher interest rates. If you have a bad credit score, you will continually pay for it. If every loan you get is higher because of your score, you are paying thousands of dollars more each year for the same loans. Having bad credit not only costs you money on the interest payments on the original loans that are causing you to have bad credit in the first place, but are also costing money on each subsequent loan you get for your house or your car.
