Let’s face it, bad credit cost you money. There are banks and investors that are making money hand over fist because your credit isn’t what it should be. The lower your credit score, the more money you shell out to creditors for anything you wish to purchase by using credit. The key is to take control of your credit and learn how to fix it. This can easily be done on your own. There is no need to hire a credit repair company to do it for you. Get the knowledge you need to fix your challenged credit.
Let’s look at just how much your bad credit cost you. Let’s also say that your credit score is below 500, but you are in the market to buy a new piece of business equipment for $25,000.00. The good news is, there still may be a program available to you. how-much-bad-credit-cost-you/ Generally they are collateral based programs (when your credit is really poor) and you’d need to put up secondary collateral above and beyond the equipment you are buying. You really don’t have many choices at this point and you really just need to take what you can get. Well here is what you can expect to pay to obtain this type of credit when your credit is extremely damaged. It will cost you roughly $1,200 per month for five years. If your new equipment is making you money above and beyond what it cost to own and operate the equipment, then it’s probably still a good buy. Take a look at what you can expect to pay for the same business equipment if your credit has been properly managed. Your payment over a five year term would be more like $592 per month. It cost almost double for the person with damaged credit. That’s $36,000.00 more over the five year term. No matter how much this equipment is earning you, it will earn you more if your credit is up to snuff.
There is excellent news. It’s easy to repair your bad credit, you just need to learn how. Check out some of the credit repair guides available online. They teach you how it’s done and offer hundreds of tips to restore, repair, maintain, and improve your credit. Don’t let your creditors take more money out of your pocket because your credit is crummy. It’s your money, keep as much of it as you can. Bad credit cost you money, don’t Let It!
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