The cost of credit repair is small compared to the cost of living with bad credit. It affects insurance rates for both auto and home, interest rates, and even your ability to get a job. In the financial sector, you can’t hope to get a job in banking or finance with good credit. Below are a few examples of the cost of bad credit.
If you are making vehicle payments, you are most likely paying between $4,000 and $10,000 more over the course of the loan just for having credit score issues. This added interest shows up every month for a higher payment. Example:
$23,000 Vehicle Financed for 5 Years:
|CREDIT STATUS||Interest Rate||Payment||Interest Paid|
|High Credit Score||3%||$413||$1,796|