The High Cost of Bad Credit

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“Last year, according to one recent market estimate, the industry had revenues of $4.4 billion, up from $3 billion in 2019. Despite this remarkable scale, many Americans are unaware of the industry’s existence, because the burdens associated with credit break down starkly along racial and class lines. In low-income communities, payment delinquencies on credit cards, mortgages and auto loans — all of which invariably lower credit scores — are twice as high.”

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