Why should you care about your credit score in a recession?

Usually when you think of your credit score, you think of how it affects you ability to get a loan like a car loan or a mortgage. But you also need to consider the other things your credit score will influence.

During a recession money is tight for a lot of people so the last thing you want is higher bills. A poor credit score means that you will be paying higher credit card interest rates and higher insurance premiums for your car insurance.

Also, if you are unfortunate enough to lose your job in today's economy, a bad credit can stand in the way of getting another one. More than ever, employers are looking at applicants credit reports and using the information they contain to help make decisions about who to hire.

And finally, just because you aren't looking to buy today, things may change. Prices and interest rates for big ticket items are incredibly low right now. Depending on where you live, you may be able to get a home for less money per month than you are paying for rent. and if you already have a home, you may be able to get into a larger, newer, nicer home for the same monthly payment you have right now. But, of course, all of this is predicated on having a good credit score.