There’s no denying that a bad credit rating isn’t a good thing for anyone. But it’s a lot more common than you might think – trying to make ends meet amongst today’s tough financial pressures is no easy task! If you find yourself facing a less than ideal credit rating, don’t panic – this can be a temporary situation. At City Finance we understand and are here to help – pop in and visit our friendly staff at your local branch for a chat and some helpful advice.
Footloose and fancy free – fun in your 20s
Your 20s are all about having fun and freedom. You’ve finished school, perhaps moved out of home, got yourself a job and are enjoying spending cash, but it’s easy to fall into some bad financial choices. Use your 20s to develop some good financial habits and take control of any financial hassles before you find yourself facing a bad credit rating.
If you do run into trouble and end up with a bad credit rating, the impacts can include:
Your 30s – time to get a little serious?
Let the fun continue into your 30s, but this is the time when you might be looking at progressing your career, perhaps planning for a wedding, thinking about starting a family, or wanting to travel the world!
If your 20s were a bit of a financial disaster and your credit report isn’t looking great, the impacts can include:
It’s worth making an effort to keep your credit history healthy, so that these problems don’t follow you through life.
Tackling financial challenges in your 40s
Life tends to get a little more complicated in your 40s. In the twenty years that have passed since your early twenties you may have had a family, married (and perhaps divorced), and bought and sold some assets such as a car and household items, and maybe even a property. It’s all about managing your repayments well and keeping your credit in check.
Having a bad credit rating in your 40s can make for some problems, including:
Your 50s, 60s and beyond – looking towards retirement
Retirement age seems a long way off when you’re 20, but as the saying goes, it’ll be here sooner than you think! Having a bad credit rating in your 50s and beyond can make it really hard for you to relax and enjoy this stage in life. Effects can include:
But remember, a bad credit rating can be temporary. There’s a number of ways you can clean up your credit rating, and at City Finance we understand and are here to help. Pop into your local branch for a chat and some helpful advice from our friendly staff.