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Why People With Good Credit Have More Dollars in Their Pocket

By on March 11, 2015

Credit Karma, an online consumer finance platform with more than 35 million members, today launched a new consumer education website in honor of March’s Credit Education Month to better educate consumers about credit health.

How Much Your Credit Score Costs You
The new site, CreditEducationMonth.com, is designed as a first stop for consumers to educate themselves on the importance of actively managing credit, illustrating the impact of credit scores and what influences them, how to read a credit report and how consumers can take control of their credit situation.

“Awareness and education are the foundation for consumers in improving their credit health,” said Greg Lull, Credit Karma’s Head of Consumer Insights. “We hope CreditEducationMonth.com will help consumers appreciate the potential cost associated with less-than-great credit and provide them with the right information and tools to improve their financial situation.”

Credit Karma commissioned a survey for Credit Education Month that exposes a gap between perception and reality in how Americans view their own credit situation. Two-thirds of Americans categorized their credit as “excellent” or “good” when only 41.9 percent of Americans have excellent or good credit scores (scores of 700 and above). While credit awareness and education are vital for consumers’ financial health, only 48 percent of those surveyed stated that they are “completely comfortable” managing their own credit.

CreditEducationMonth.com puts a price tag on this lack of credit education. Based on Credit Karma data, a typical consumer with a credit score of less than 640 could potentially pay an estimated $229,538 more in interest between the ages of 18 to 65 than a typical consumer profile with a score greater than 750. This figure is four and a half times greater than what the median American household makes in one year before tax.

This new site supports Credit Karma’s ongoing mission to help consumers become more credit conscious. For more information, visit www.CreditEducationMonth.com.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

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About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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