This is a question we seem to get time and time again.
A person’s credit score is important when you are in a financial position and have job security. Should you need to borrow money from your bank, a good credit score matters.
You will also need to consider this, you can also have a great credit score, but if your debt to income ratio is completely out of line, then this great credit score may no longer have any merit as you cannot afford to borrow any more money anyway.
This is where people get confused.
What is that great credit score doing for you if you are now buried in debt? What if you do not have the ability to bring the balances down, or continuing to rely on credit.
Most people don’t get the fact that having a great credit score no longer gives you any power to borrow if you are in debt.
It’s actually used as leverage by the banks to convince you that this is the most important thing you have in order for you to continue on the same path in debt so they can continue to earn sky rocketing profits.
Don’t be fooled, if your great credit score can’t do anything for you, then really how important is it?
Check out this video below to learn more
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