Like it or not, credit is a necessity. From the house that you live in, to the car that you drive, your credit score impacts almost every facet of your life. With today’s economic challenges, it has become more important than ever to achieve and maintain a healthy credit score.
For those with bad credit, increased interest rates may further inflate the cost of living, making even trivial purchases seem difficult. A bad credit score can cost you hundreds each month in interest payments, or can keep you from getting approved for credit altogether. Use the infographic below to see how much money having a bad credit score could cost you.
A bad credit score could cost up to:
- $243,720 for a $150,000 mortgage
- $325,440 for a $200,000 mortgage
- $406,440 for a $250,000 mortgage
*Interest rates are approximate based on rates as of 9/12/2011. Rates offered may vary based on your credit score, the financial lender, where you live and current financial markets.
Numbers like this make it easy to see the financial burden created by bad credit, but the real cost is more difficult to measure. bad credit affects more than your finances, it can also attack your sense of security, and limit your personal freedom.
Fortunately, the cost of working with Lexington Law to take action on your credit is much easier to quantify. Our services start at an affordable $59.95 a month.
For about the same price of a monthly cable bill how can you afford not to take action on your credit?