Credit affects every area of life. When your credit is bad, it follows that your life may face similar hardships in the areas of:
The U.S.Economy
You aren't the only one who benefits from better credit. The U.S. depends on responsible behavior from its citizens to keep the economy running smoothly. Roughly 70 percent of the Gross Domestic Product (GDP) is fueled by consumer spending. The GDP is the current market value of all goods and services. When consumer debt exceeds an amount that government can safely liquidate, inflation occurs to bridge the gap. This process devalues the dollar and drives up market prices, making it more difficult to maintain the same standard of living over time. Americans are forced to spend less, resulting in an economic stall. Extreme cases can lead to national depressions and crises such as the housing market crash. While spending too little is never good for the economy, spending too much may be equally damaging.
When it comes to good credit, the stakes are high. Do yourself and your country a favor by taking the necessary steps to improve your life. It's never too late to make a change.
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