Credit repair can clean up your credit report and improve your scores. Credit repair can also save you money, potentially lots of money. The enormous financial benefit of credit repair is the consequence of liberating you from the need for high cost debt. The added costs that many people incur as the result of bad credit can be very sneaky. It’s often hard to spot the impact of a high cost loan on our budget. We may be aware that we are paying premium interest rates on our automobile, mortgage, and credit cards, but we put our head down and live with it. In truth, over time the cost of these premium interest rates is staggering.
A Typical Case
Once you see the true long term effect of high cost debt you will understand why it makes sense to implement a credit repair strategy to eliminate this blight from your life today. Are you ready for the facts? Here we go. Let’s assume a somewhat average case of a married couple with a $150,000 mortgage, $30,000 worth of automobile debt, and $10,000 worth of credit card debt. Let’s also assume that the automobile loans and credit card debt are ongoing, as cars get traded in and new loans incurred, and credit card debt is paid and renewed. The average sub-prime borrower pays a premium of 2% on their mortgage, a whopping extra 4% on their car loans, and a bracing 5% on their credit cards.
Real Credit Repair Savings
Here is how the numbers add up. This consumer will pay an extra $3,000 per year for their mortgage, $1,200 per year for their cars, and $500 per year for their credit cards. That is a total of $4,700 per year. Okay, that’s $391 per month, and that alone could make a big difference in your lifestyle and justify absolutely any credit repair effort. But let’s look a bit farther. If you could save that $391 per month and put it in the bank and earn 3% per year on your money you would have saved $227,850 over the next 30 years. That could totally change your retirement plans. So, get your credit repair effort in gear today. There is real money on the line, and it belongs to you!