“It’s no great revelation to say that America has become a credit economy. Credit can bring an upper-class lifestyle to the middle class, and it can be the instrument of a person’s financial downfall.

There are many ways to measure a person’s financial condition, but the benchmark is a FICO (Fair, Isaac and Co.) score. Those with a higher score can expect lower interest rates. However, those with a lower FICO score should plan on much higher interest rates, leading to higher bills...”

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