Having good credit can simplify your financial life. Paying bills on time and keeping credit balances low often results in fewer hassles and significant cost savings. Consumers with good credit typically have access to low-interest rate credit cards, deposit-free mobile service contracts, and smaller security deposits for housing rentals.
On the flip side, the financial lives of consumers with poor credit can get thorny. Poor credit not only makes it more challenging to obtain the same approvals, scammers offer credit repair “solutions” that only make matters worse.