One of the most important things a person can do is ensure they have good credit. Bad credit can cost you thousands of extra dollars per year on loans. A lot of people live in the now and don’t really think about how not paying a bill will cost them in the long run.
A friend of mine who always seems to have money is lazy. His credit score is poor and he always has the money to pay his bills. He’s young and doesn’t take his credit seriously until one day he went out to try and buy a new car. He wanted a truck very similar to mine but when he found out his payment would be $158 more than my payment per month he was pissed. Mad at himself that he messed his credit up and now pays more for the same thing I have. He doesn’t have much debt but was just lazy about paying it.
I explained to him that credit repair is not fast but it is fairly easy. Just start paying your bills on time and soon you will start seeing that credit score rise. He has taken my advice and is in the process of rebuilding his credit. For some people the process can take 3-4 years while others can make quick fixes on their credit and see the affects in a matter on months. Having good credit is an important part to being successful in today’s world.