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Note: The Center For Debt Management suggest you Monitor Your Credit Report regularly. Lexington Law Firm is our preferred choice for fast and effective credit repair. Lexington Law
is reputable and is a member of the BBB. They have a satisfactory record with the bureau.
What is the Price of Having Bad Credit?
If you are
making payments on a car, you are probably paying between $5,000
and $9,000 more in interest just for having bad credit. This added interest shows up every month in a higher payment.
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Credit Status |
Rate |
Payment |
Over 5 years |
Monthly Cost of
Bad Credit |
|
Perfect |
10% |
$424.94 |
$0.00 |
$0.00 |
|
Mildly damaged |
14% |
$465.37 |
$4,722.54 |
$76.17 |
|
Damaged |
20% |
$529.88 |
$8,593.30 |
$138.60 |
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| |
Bad credit in auto
financing can really hurt, but it is nothing compared to the cost of
bad credit when a home is involved. A typical home can cost between
$50,000 and $130,000 more in interest if you are buying the
home with bad credit, as indicated below.
|
|
Credit Status |
Rate |
Payment |
Over 30 years |
Monthly Cost of
Bad Credit |
|
Perfect |
7% |
$655.30 |
$0.00 |
$0.00 |
|
Mildly damaged |
9% |
$804.62 |
$50,155.24 |
$139.31 |
|
Damaged |
12% |
$1,028.61 |
$130,791.63 |
$363.30 |
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If you are looking to make a major purchase in the next 6 to 12 months we suggest that you obtain copies of your credit reports from all three credit agencies ASAP. |
Note: The Center For Debt Management suggest you Monitor Your Credit Report regularly. Lexington Law Firm is our preferred choice for fast and effective credit repair. Lexington Law
is reputable and is a member of the BBB. They have a satisfactory record with the bureau.
Need to Refinance or Find a Great Home Loan? Go to The Mortgage Center
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Click Below To Check Out More Financial Resources
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The Center For Debt Management™
Helping Consumers Save Money and Reduce Debt Is Our Only Business!™
We invite you to explore the sectors listed below. We promise that you'll find exceptional values, offers and resources in which to reduce your living expenses and to enjoy life!
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Debt Management and Financial Services! The Internet's oldest and most comprehensive debt management
agency! Resources for debt management, consumer credit counseling, debt consolidation, debt reduction settlements, legal aid, financial aid, loans and financing, credit repair, credit reports, insurance quotes, income sources, tax assistance, and more.
Established in 1989 and serving the online community since 1992!
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What is the Price of Having Bad Credit? The Cost of Bad Credit
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