Consumers who are not Credit-smart and do not maintain a good Credit Score are likely to see the impact throughout their life, in every sphere. They might see:
· Lower credit scores – Consumers having a higher credit score usually get a low interest rate, which can be very important for major purchases, such as for a home or car. A credit score may also determine whether you one is eligible to rent an apartment or not.
· Difficulty getting credit – Poor credit score may lead to refusal of credit when you need it badly.
· Severe debt hardship – With recent bankruptcy reform, it is not that easy to declare bankruptcy, so you face very difficult challenges in climbing out of recurring debt patterns.
