We all know that bad credit can impact your ability to purchase a house, rent an apartment, get a loan, and buy a car, but there are some less obvious ways bad credit may be detrimental to your life. We have compiled a short list of three unconventional ways bad credit impacts your life that are important to remember in conjunction with the more traditional and more obvious impacts.
1. Negatively Impact Your Relationships
If you have bad credit, this may impact your future relationships. Finances are one of the number one causes of divorce, so your poor financial decisions could impact your current or future relationships. You may not be able to get married as quickly, purchase a house as quickly, or even find a mate as quickly, as many people want to go out with people who are financially stable. If you are not taking steps to improve your bad credit, potential mates may see you as someone irresponsible and look for someone else.
2. Negatively Impact Your Quality of Life
Did you know that your credit score may also impact how much you have to pay for cable, internet, and insurance? If you have poor credit, service providers are allowed to charge you an extra fee, so if you are paying more for cable and internet than your neighbors, it may be due to bad credit. In addition, you may also have to pay more on your insurance premium, as you are considered a higher risk so the insurance company requires more money to take you on as a customer. Besides having to pay more on some bills, bad credit can negatively impact your quality of life in general, as you may be more likely to overspend or incur a lot of debt. People who are financially healthy tend to be happier with their life decisions.
3. Negatively Impact Future Decisions
Your bad credit may impact your life by requiring you to make different decisions in the future than you would like. For example, if you have bad credit and are trying to pay down your debt, you may have to take on a job that is less interesting to you but pays more. You may also be less eligible for jobs in particular fields like in the banking industry or other jobs that require financial skills.
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Bad credit is going to impact your life, whether it is through the traditional ways of higher interest loans or difficulties buying a car or a house or the unconventional ways of impacting your relationships, potentially paying more on bills, and influencing the types of jobs you are able to take in the future. The good news is that you can improve your credit score by paying down your debt and making your payments on time and thus avoid these unconventional ways bad credit can impact your life.