RESEARCH from credit-reporting company Experian shows that three in five adults attribute financial mistakes to their limited understanding of credit and personal finance, with the mistakes costing $1,000 or more for 60% of this group. The trend is particularly apparent among younger people, with more than two-thirds of Generation Z members and millennials claiming that their inadequate knowledge of credit and personal finance has come at a price. In fact, 29% of Gen Zers and 38% of millennials report that these financial mistakes have cost them $5,000 or more.
By staying informed and proactive, you can avoid pitfalls and build a strong credit foundation. Here are four common credit-related mistakes that people make.
ROD GRIFFIN is senior director of consumer education and advocacy at Experian and a member of the Kiplinger Advisor Collective, a professional organization for personal finance advisers, managers and executives.
This story is from the January 2025 edition of Kiplinger's Personal Finance.
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This story is from the January 2025 edition of Kiplinger's Personal Finance.
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