Understanding the Consequences of Bad Credit
Over the last 15 years, I’ve seen the underside of credit up close. During that time, I started a local credit-counseling agency that grew into a regional consumer resource and helped thousands of individuals and couples from all walks of life with credit issues.
More recently, during the last few years, I’ve gotten questions from consumers just like you from all over the country - questions about their credit-related problems and opportunities - through my weekly “Debt Advisor” column that appears in newspapers and on the financial mega site Bankrate.com. I’ve witnessed time and again the devastating effects of credit gone bad.
Aside from the obvious increase in borrowing costs and maybe a hassle getting a credit card, what are the very real costs of bad credit? The extra interest you’ll have to pay is only the tip of the iceberg. The real cost of bad credit is in reduced opportunities, family stress, and having to associate with lenders who, more often than not, see you as a mark to be taken for a ride and dumped before you do it to them. And, believe me, they’re better at it than you are. Easy credit repair, apply today!.
In this section, I fill you in on some of the unpleasant consequences of bad credit.