What Bad Credit Costs

What exactly are you paying for bad credit?

Without a doubt, credit is a necessity. Whether it’s a credit card, car loan, or a mortgage, good credit creates opportunities. Bad credit, well…it doesn’t. With today’s economic challenges, it is more important than ever to achieve, and maintain, a healthy credit score.

For those with poor credit, increased interest rates may further inflate their cost of living, making even small purchases seem nearly impossible. A bad credit report can cost you thousands of dollars a year in overpaid interest, or simply keep you from being approved for credit altogether. Looking at the chart below, you see how just how much bad credit scores impact you…

$250,000 home paid over 30 years:
CREDIT STATUSRATEPAYMENTCOST OF BAD CREDIT
Excellent3.9%$1,179.17$0.00
Mildly Damaged5.0%$1,342.05$58,637
Damaged6.3%$1,547.43$132,574

It is 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 attacks your sense of security, and limits your personal freedom.

Working with Gateway Credit Repair to take action on your credit, is much easier to quantify. For less than the same price of a monthly cable bill, we will start you on the road to credit freedom. It’s time to put your mind at ease and feel secure again!

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