The importance of personal financial health is often underestimated, and that can be a costly mistake. A person’s financial profile affects just about every aspect of their life, including: obtaining employment; renting or purchasing real estate; participating in volunteer work; obtaining student loans; purchasing automobile insurance; and, the most obvious, being granted approval for any form of credit. Not only does a consumer’s credit status affect their ability to obtain goods and services, it also determines the price of those products.
Simply stated, people with “good” to “excellent” credit pay less for the same goods and services as do people with “bad” credit. Therefore, it’s worthwhile to learn about personal credit, including what constitutes bad and good credit; how people get into trouble and develop bad credit; what tools are available to help with finances when someone has bad credit; and how to turn bad credit into good credit.
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