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How Credit Scores Can Impact Well-Being

We’re all familiar with the stress our GPA scores have caused us. We all know how much that number on our paychecks matters to us. Similarly, the three-digit number that constitutes your credit score can either be a source of relief, or a contributor to your daily dose of stress.

Credit scores determine your long-term financial health, and act as a major deciding factor when it comes to buying a car, your own house, or even getting a new job. A high credit score can get you a better mortgage deal with lower interest rates or help you pay off a loan much faster.

The opposite is true for a low credit score. You’re likely to get high interest rates when you apply for credit, which will prolong your pay-off period while leaving no room for savings.

How Credit Scores Affect Your Health

According to data from the Federal Reserve Bank of New York, the household debt in the United States during the first quarter of 2020 was around $14.3 trillion. A 2020 survey by Capital One found that 55% of people would give up sex for three months if it could get them a credit score 800!

Given statistics like this, it’s not hard to deduce the amount of stress caused by a low credit score. The research also concluded that over 82% of people go through feelings of stress, 40% experience feelings of shame, and 25% actually cry over their credit debt.

Things You Can Do About It

We get it, getting your credit score up and maintaining it can be difficult. Things happen; people go through bad times and the effect on your scores is long-term and damaging. Not to mention the financial despair and stress it causes.

Fortunately, there are steps you can take to increase your credit card score and maintain it at a high value. Some of these ways include paying your credit card bills on time or paying off your credit accounts.

If these methods don’t work for you, maybe you need a professional credit repair service.

Our credit repair consulting experts work to understand the main reasons behind your low credit score and devise custom plans for our clients.

Contact us today to learn more or call us at 484 238 1225.

 

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