9) Personal Well-Being
Lastly, having good credit gives you personal well-being. If you haven’t had good credit in a while, you may not believe the lack of struggle people with good credit face. If you have good credit, you may not realize the struggle that people with bad credit face. The stress level of being turned down for a loan, job or paying high interests rates is obvious. This is especially so since one of the reasons people have bad credit is simply the inability to pay their bills because they don’t have the money to pay their bills. And not being able to pay your bills may give you bad credit which may prohibit you from getting a job to give you the money to pay those bills.
It’s a difficult circle to escape from.
However, there are many programs available to help people step out of their personal credit crunch, and many of them are offered by the banking lenders who turned you down for a loan. By understanding how credit works and implementing that into your life you will be much better off. While it may take some time, you can always improve your credit, and therefore improve your life.