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The Daily

Poll: 68 Percent Make Major Credit Misstep Before 30

By:
Chris Gaetano
Published Date:
Jan 25, 2016
'Credit cards' by Sprinno - Own work. Licensed under CC0 via Wikimedia Commons Whether missing payments or having a bill sent to collections, a recent survey has found that 68 percent of people will make at least one major credit misstep before the age of 30, according to CNBC. These kinds of mistakes can have a surprisingly long-lasting impact on people's financial lives, as these "credit fumbles" can persist on people's records for as many as 10 years. While a missed payment may not seem like a crisis at the time, its presence on one's credit record can severely restrict access to credit and cause financial headaches over time, said CNBC. It seems that many have learned this the hard way, as the survey, which took responses from 1,051 Americans age 31 to 44, found that three out of four respondents reported that these credit missteps have had a negative effect on their lives. All sorts of things are affected by credit ratings, such as the ability to secure financing for a house or a car, and so having a poor one will make things much more difficult in the future.