The Center For Debt Management
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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.

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

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

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.

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