A person with bad credit typically pays around $4,000 more than a person with good credit for the same lifestyle. That amount comes from much higher loan rates and various fees.
You can find out more about the effects of bad credit here and learn how to rebuild credit from our guide here. If you’re interested in tracking your credit improvement progress, you can get free credit scores updated daily and credit improvement advice on WalletHub: https://wallethub.com/free-credit-score/.
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