Good Credit Scores obviously is to pathway to saving money. You are probably asking why, well the answer is on money borrowed. The average American has to borrow money occasionally for different reason. Let’s assume you need to buy a car, and you think your credit score is low. You are considered a high risk and the banks will charge you higher interest on the money borrowed. Maybe you need to get an installment loan from the bank for personal reasons, you may get denied because your credit score is too low. What every your situation is your credit score will determine how much money you have in the bank at retirement. If you think about this it is pretty scary.Examples of Money lost to High Interest:Car loan with low credit score:Loan Amount: $25,000Interest rate: 12%Term: 6 yearsPayment: $488 per monthCar loan with high credit score:Loan Amount: $25,000Interest rate: 6%Term: 6 yearsPayment: $414 per month*This calculation is a true current market rate calculation for car loans currently.The difference in payment is $74.00 per month. If you have good credit you would have saved $5,328 dollars. This money could be in a interest bearing account making you some interest as opposed […]

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