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As you pay your bills month to month Tony Bradley Jersey , you can sometimes lose track of how much your lifestyle costs you. By now, you’ve probably gotten used to the price of things, as well as the terms you typically have to agree to for most of the things you obtain on an usual basis. In this next segment of your credit education, we will take a side by side look at the difference in cost of identical items for people that have good credit, and people with bad credit or no credit.

Expense Number One: Housing

Most often, this is the expense that makes it easiest to see the difference between good credit and bad credit.

When a person has bad credit or no credit, they can often look forward to not only higher rent amounts, but higher deposits. As well Dante Exum Jersey , it’s nearly impossible to qualify for a home loan, so you’re left with paying rent that isn’t tax deductible. How bad does this hurt you in reality? In order to produce the revenue to cover your rent as well as pay the taxes on the money you paid the rent with, you would have to earn anywhere from 20% to 40% more than the amount you pay for rent, since you don’t get to deduct the taxes. That means that in order to pay rent for $1,000 a month, you have to collect anywhere from $1,200 to $1,400 a month depending on your tax bracket Alec Burks Jersey , and possibly even more.

With good credit, you can look forward to lower deposits, rental amounts, not to mention easier access to all the things that come along with owning a home like tax deductible mortgage payments. A $1,000 mortgage payment is, in most cases, nearly completely tax deductible. What this means is that in order to cover the payment, you only have to earn about the same amount Jonas Jerebko Jersey , since you get to write off the interest on your taxes.

Savings from this example: $200 – $400 a month in tax savings, as well as many other savings from lowered lease terms, deposits, etc

Expense Number Two: Loans

Whether it’s the loan on your house, your car, your education, or just your credit cards, bad credit can have a disastrous effect on your borrowing ability as well as the interest rates you have to pay if you are able to qualify. If you can get approved Ricky Rubio Jersey , your payments will likely be much higher.

At the time of this writing, home loans for good credit borrowers are offering interest rates around 4.5%. Borrowers with bad credit can be as high as 10% or more. On a 30 year fixed loan of $150,000, a borrower at 4.5% will have a monthly payment of $760. A 10% interest rate on the same loan will raise your payment to $1,316.

Similar differences will certainly be seen with auto loans, student loans, and credit cards, and many more. A borrower with bad credit can easily pay $150-$300 a month more for an average vehicle.

As of this writing Joe Ingles Jersey , the average credit card debt per household is $8,329. A card with that balance carrying a 4% interest rate, typical for card holders with good credit, brings a payment of $111. Credit cards for people with bad credit can easily range around 23% which equates to a payment of $243.

Savings from this example: $556 a month for the home loan, $150 – $300 a month for an auto loan, and $132 a month for credit cards. That’s a total savings of $838 to $988 monthly.

Expense Number Three: Auto Insurance

There’s no way around it: If you want to drive legally, you must have auto insurance. The trend with many companies is to charge higher premiums for insurance for drivers with bad credit than those with good credit. The companies that don’t check your credit will almost always have higher rates to start with. Drivers with bad credit can count on paying anywhere from 20% to 50% higher premiums than drivers with good credit, or effectively turning a $100 premium payment into a $120 to $150 payment.

Savings from this example: $20 – $50

Total Savings from all examples: $1 Pete Maravich Jersey ,058 – $1,438.

Over the long run, the difference can be brutal. Taking the $1,058 example and rounding down for the sake of simplicity to $1,000, You are looking at $12,000 a year in lost savings. That’s $120,000 per decade Jeff Hornacek Jersey , and $480,000 across the span of 40 years, or the borrowing career of someone from 20 years old to 60 years old. Any financial analyst will tell you that not investing that amount of money properly will, over the course of your lifetime, literally result in you losing millions of dollars in potential growth, and would probably make the difference between whether or not you are ever able to retire.

There is good news in all of this, however: It’s not hard to learn how your credit works and, if need be Adrian Dantley Jersey , how to repair it. It simply takes the (rather small) effort of investing in your credit education.

Behind the scene secrets from the industry professionals themselves are available at Credit Education: Guides and Workbooks. This article has been abridged to fit the configuration of this website. For the complete, original article, including extra supporting information and resources, please visit Credit Education: How Much Does Bad Credit Cost You?.

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