El Paso's Bad Credit
POSTED: Monday, September 27, 2010 - 5:38pm
UPDATED: Tuesday, September 28, 2010 - 8:46am
El Paso has the 5th-lowest credit score in the country, according to Experian.
The credit information company says the average credit score in El Paso is 706.
Not only that, but the average household is almost $24,000 in debt.
This news doesn't surprise financial planner Ed Daffron. He says the problem here is the tendency for people to buy without taking high interest rates into account, and people not living within their means.
"It is really a lack of understanding of how the system works," Daffron said. "They don't know what affects their credit score, what causes it to go up, what causes it to go down."
He says even a late payment as small as $20 can lower your score.
A good credit score goal is between 750 and 800 points. You can check your credit score for free once a year. To find out how, visit http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre03.shtm.