Monday, January 25, 2016
68% of Americans severely damage their credit rating before age 30
Have you made mistakes regarding your credit in the past? That could haunt you ... for a long time.
A whopping 68 percent of Americans make at least one major financial mistake, or "credit fumble," before turning 30, leading to a negative mark on their credit report, according to a Credit Karma survey.
These mistakes include overspending on credit cards, missing payments, defaulting on a loan or having an account sent into collections, the survey found.
The greater the offense, the longer it will reflect on your credit report, said Bethy Hardeman, chief consumer advocate at Credit Karma.
This is incredible and is a great insight into the minds of most people. In this society you must guard your credit rating. Unless you are cash and carry most big purchases i.e. cars and houses are purchased with credit. The only way to get the lowest interest rates is to have a high credit rating. If you are in debt and struggling to get things under control you need to read my posts on debt elimination.