The biggest credit news this week is all about the opportunities Americans are missing out on, including saving money and better credit.
It may be hard to believe, but not taking care of your credit can cost you more than $4,000 a year. Pretty shocking, right?
Gerri Detweiler crunched the numbers for auto loans, auto insurance, credit cards and mortgages to show that a person with a poor credit score pays roughly $4,331.72 more in a year than he or she would with excellent credit. That’s about $360 a month.
If you want to check your credit, the free Credit Report Card can help you monitor any changes to your score on a monthly basis.
It may come as a shocker, but many Americans qualify for some form of student loan forgiveness and might not know it.
A new report from the Consumer Financial Protection Bureau estimates that more than a quarter of the U.S. workforce holds a job in public service, which includes teachers, librarians, firefighters, military personnel, law enforcement, first responders and social workers. Those Americans may qualify for loan forgiveness under a 2007 law, though the CFPB found that the various programs that exist to help these individuals may be too confusing to be helpful.
A study published in Science magazine analyzed the impact of financial stress on cognitive performance, and the results showed that living in poverty caused a diminished capacity for decision-making among study participants.
The science behind the study showed that worrying and stressing about your financial problems occupied space in the brain that could be used for other cognitive functions.