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Black and Hispanic Americans on the U S financial system: The odds were always against me, new Credit Sesame survey finds
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Among Credit Sesame s survey, respondents with poor credit tended to be young, female and don t have a college education. I have trouble paying bills because daily living is so expensive, and I am already working all the time, one respondent said. It s expensive to have poor credit, says Jay Moon, general manager of Credit Sesame s credit business. Improving your credit score by just 35 points from roughly a sub-prime score of 660 to a good score of 695 can save you $301 a year in interest charges, according to an analysis by bill pay service doxo.
But while a bad credit score can add more expenses in the form of higher interest rates and other fees, Moon says the cost of poor credit is much bigger than just the direct financial costs.
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SAN FRANCISCO, Dec. 17, 2020 /PRNewswire/ Americans with poor credit are being hit hard by the system, and they know it, a new survey from
Credit Sesame finds. Moreover, their experience of the credit system differs greatly from those with good credit and impacts nearly every aspect of their lives from mental health and personal relationships to living situations.
According to the research, which surveyed 5,000 adults in the United States, those with poor credit scores (300-549) are overwhelmingly young, female, and have a high school education or less. They ve also been hit harder by the pandemic than most 61 percent said it would take them between one and five years or more to recover financially, compared to 34 percent of Americans overall. And, they report a completely different experience with credit than the norm. Half (50 percent) said their first experience with credit was negative, and even more 61 percent said their overall expe