What Is the Cost of Having Bad Credit?
Categories: Blog Posts
Today we are going to discuss the cost of having bad credit. Bad credit is expensive. It affects your ability to borrow money, buy a home, or even get a car loan. But the real cost? It’s the extra money you pay over time.
Let’s take a look at an example.
Take two people buying the same house. One has great credit, the other has bad credit. The person with good credit gets a 6% interest rate. The person with bad credit gets an 8% rate. On a $250,000 loan, that’s a difference of over $300 per month! Over 30 years, that adds up to more than $100,000.
The same goes for car loans, credit cards, and even insurance. Bad credit means higher rates, bigger fees, and fewer options.
But here’s the good news, you can fix it. With the right steps, you can turn things around and start saving instead of spending extra.
Free Tools For You!
We also have free tools available! Download the Credit Score Checklist to see if your credit score is in the right place for your investment needs.
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Visit our YouTube channel to learn more about the cost of having bad credit.
