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Home » Lifestyle Parenting » What Does Bad Credit Mean for Your Family?

What Does Bad Credit Mean for Your Family?

October 27, 2020 | Leave a Comment

Most adults in the UK access to credit in one form or another. From student loans and car purchase agreements to mobile phone contracts and mortgages; there are numerous reasons to rely on credit. Every time you access to credit, however, a new entry is made on your credit file. Over time, this file shows your entire credit history, including any missed payments or defaulted accounts. Your credit history is used to calculate your credit score. This score is used by lenders to determine whether or not they want to lend to you in the future. If you have a low credit score, or ‘bad credit’, you’ll find it hard to access loans, mortgages, and other types of credit from major lenders.

What Impact Does Bad Credit Have on Family Life?

When you’re raising a family, it’s important to protect your credit score as much as possible. You never know when you’ll need to access urgent funding, so retaining your borrowing power is vital. Similarly, if you want to buy a family home, rather than rent, you’ll probably want to take out a mortgage. If you have a bad credit score, you’ll find it harder to secure a mortgage, which could affect your housing choices.


When you’re unable to access credit, it can mean that your monthly household budget is significantly reduced. As well as struggling to pay your bills, this may mean that your disposable income is greatly reduced or eradicated completely. When it comes to doing fun things with your kids, having days out or taking vacations, a history of bad credit and difficulty managing your finances can make these things impossible.

Taking Control of Your Finances

If you have bad credit, it’s not too late to get back on track. In fact, there are many ways to rebuild your credit score, even if you’ve been declared bankrupt or applied for a consumer proposal. By taking control of your finances, you can often lower repayments on existing debts and free up more of your monthly income too.


When you have a history of bad credit, there’s no need to worry about accessing emergency funding either. With brokers like newhorizons.co.uk, you can access loans designed for people with a low credit score or a bad credit history. Whether you need to borrow a modest amount or you want to take out a larger loan, using New Horizons to access a wide variety of lenders will give you the flexibility you need. What’s more – you can be approved for a loan instantly and receive your funds in as little as 15 minutes!

Improving Your Credit Score

If your credit score is low, you’ll want to take action to improve it. You can do this by seeking financial advice or help with your debts. By creating a household budget, reducing your monthly expenditure and prioritising outstanding debts, for example, you’ll find it easier to get your family back on track. While being in debt isn’t unusual, managing your finances more effectively will give your family the financial freedom you desire.

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Filed Under: Lifestyle Parenting, Money Saving Tips Tagged With: Credit score, family life

About Rachel Hirst

A parent to 2 teenage boys. I love to write about parenting topics, Interior design and Money Saving Tips.

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