It’s unfortunate, but it happens all of the time. Before we even get out into the “real world” we are putting ourselves in debt and hurting our credit. We start receiving credit card offers every in the mail many times before we are even 18. At some particular point we enroll in one of those offers and start charging on the card. For some people this is fine but for others it can lead to enormous problems down the line.
Poor credit is frequently the results of a snowballing effect. Bad choices when we were younger make for less options now, and unless something is done about it the situation may never change. The problem is that without action your credit history will never just increase on its own. If you continue to pay late on bills, overcharge on your credit cards, or get sent to collections the problems will just compound.
Poor credit has a range of upsetting effects. Your credit history is one of the major factors that banks use to figure out whether or not you are deserving of credit. A low score ends up in either your loan being denied or if authorised at a very high interest rate. On a big loan a point or two of interest can cost thousands of dollars. On a mortgage it can be in the many thousands.
Your credit score will also directly impact on your rate of interest on your credit cards. So in brief, poor credit costs you money, and tons of it.
At that point you essentially have two options. You can either resign yourself to high interest, cash draining loans or you might put forth the effort to fix the situation. Rebuilding your credit is the key to getting your financials back on track. Trust me it will take a lot less time fixing your credit than it probably did to wreck.
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