Overall Credit Scores Affect Citizens Beyond What Anyone Realizes
It starts will credit card debt, student loans and excessive spending.
It used to be that one spouse worked and the other one stayed home and families stayed together.
Now both spouses work and “I can’t afford that” is no longer an option.
Everyone has debt and if one spouse loses their job the bills are not paid or are paid late affecting the credit scores.
The excessive environment we live in is perpetuated by the about of luxury we have to have not based on needs.
Student take the most amount in student loan debt and some pays for education but other funds go to cars and spring break vacations at times.
Then students are not looking at what career they will have and income to support all of the student loan debt.
They have $100,000 in student loan debt and then go to college and have a $25,000 a year career after graduation and can’t afford to pay back the debt then their credit scores go down.
When their credit score goes down sometimes they can’t even get a job because employers pull credit payment history and see payments are not being met and then they are denied jobs based on their credit.
When students graduate they want the nicest cars not realizing that they can’t afford the insurance because their credit score is not good and then that can influence their insurance rates.
The interest rate on the car loan is based on the credit score and the lower the score the higher in the interest rate and only because they don’t pay their debt on time or at all.
It is hugely critical to pay bills on time and people don’t care.
They walk aware from their cell phone bills or the electrical bills not realizing that its affecting their credit score.
Young people don’t realize that every bill needs to be paid on time and don’t take on debt that you don’t need.
The American Dream of home ownership eludes so many now because the amount of points, down payment and interests rates is affected by your credit score.
The lower the credit score the more you pay unfortunately.
Programs are greatly affected by the credit score if you can even get a home loan at all because of the low credit score.
There are programs now like “Build Your Credit” allowing people to improve their credit scores but they need to take advantage of the programs.
The bottom line is your credit score determines if you can get a job, what your insurance rates will be and if you can get a car or home loan.
Simply pay your debt on time and don’t take on too much debt and you will be set.
Good luck.
* The essay has been submitted by Bryce B. of Waterford Wisconsin.
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