The Woes of Bad Credit
Good money handling skills is something accomplished from great discipline. It feels great to have to able to have luxurious things. Some people can be blinded by their own desire to have these things and unknowingly create serious problems for themselves and even their family. There are several different things that can lead to one being in debt or having bad credit such as: spending beyond one’s means, purchasing things with money they have not yet obtained, losing one’s job, sudden illness of a person or relative, and the list can go on and on. Although there is an abundance of causes the number of effects from having bad credit is not lacking. Some common effects of having bad credit are having fewer employment opportunities, having high interest rates, and having banking options.
When thinking about bad credit or being in debt most people would not think that employment opportunities would be an issue. In this new age of technology jobs are not only doing background checks, and drug screens, but they are also doing credit checks. At first the only jobs that were doing credit checks were jobs that required one to be handling money. There are more jobs doing credit checks as a part of their pre-employment screening. The purpose for most jobs doing credit checks is to use it to try to judge one’s character.
A more common effect of having bad credit is having high interest rates or being denied loans all together. Nowadays you see different ads and commercials for cars saying “No Money Down” or “0.9” APR. The ads and commercials that people see usually don’t tell them that those conditions or for people would credit scores above seven hundred and fifty. Having fair credit would be above six- hundred and poor credit would be below six-hundred. These high interest rates are not just limited to auto loans but also include home loans and personal loans.
Banking