Bad Credit Ruins Lives
Bad credit ruins lives. The difference between living life and struggling to survive is based completely on your credit score. Let’s take a look at a car loan as a simple example.
A $20,000 car loan with good credit will cost approximately $322 monthly. This is based on a 5% interest rate for 72 months.
The exact same $20,000 car loan with bad credit will cost approximately $541 monthly. This is based on a 21% interest rate for 60 months (bad credit means a higher rate and shorter term).
This is the same car, but one is costing $219 more EVERY month.
The person with good credit will pay $23,184 for their car.
The person with bad credit will pay $32,460 for the same car.
That’s a $9,276 difference!
This example is not extreme, it is based on common interest rates you will actually see on a $20,000 auto loan.
Rent and home expenses are another area where consumers with bad credit get taken advantage of.
A $100,000 mortgage costs a consumer with good credit $577 monthly and $207,720 over 30 years.
The same home will cost someone with bad credit $841 monthly and $302,760 over 30 years.
The person with good credit will pays $264 less every month and saves $95,040 over the lifetime of the loan.
This means that the person with bad credit will pay $95,040 more in interest for a $100,000 loan, all because of their bad credit.
Most people know that credit has an adverse effect on their life. But, the truth is, bad credit controls their lives. Outrageous amounts of interest are being charged each and every month to people who can least afford to pay it.
That debt and those higher payments handcuffs most families, forcing them to live paycheck-to-paycheck.
Bad credit ruins lives. This is why we exist. We help people reach their financial goals and improve their quality of life by increasing the credit scores.
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