When you use your credit card more often—say, during a pandemic when you need help covering expenses or simply don’t want to handle cash—you may notice an unpleasant side effect: Your credit scores take a hit.
Bryan-Podvin is a Certified Financial Therapist and financial coach, the author of The Financial Anxiety Solution and founder of Mind Money Balance. She helps clients understand the important connection between financial literacy and psychology, and she answered several questions for us about that intersection.
Good credit can be an important foundation for your financial life. It can save you money and help you qualify for more credit cards, loans, and housing options. In a recent national survey titled “Credit Scores Uncovered: Consumer Relationships with their Scores”, FICO found that 85% of U.S. consumers also feel more secure in other parts of their lives when their credit score is healthy.