Poor credit rating hampers consumers.

• Position: Debt

It is estimated that 30,000,000 Americans have "poor" credit scores, making them the victim of exorbitant interest rates, denials for financing, desperate for a way to buy the things they need, and trapped in a bad credit cycle that leaves them feeling like they have only two choices--accept high interest rates and inequitable deals or simply go without.

According to a national survey by Focus Credit, Tampa, Fla., many people do not have the tools to live well in their current financial situation, starting with the most basic information. In fact, 76% of those surveyed report not knowing their credit score within a 200-point range.

The survey found that 50% of respondents had been denied financing for a car; 39%, a credit card; 23%, a bank loan; and 12%, a mortgage. "While these numbers show the doors to the world of credit are not always closed to those with bad credit, it is important to realize that individuals with higher credit scores are offered different services than those with lower scores," points out Raul Vazquez, co-founder of Focus Credit. "For example, a typical interest rate on an automobile loan for a person with good credit is 3.9% for a 60-month term, but a consumer with bad credit would likely pay approximately 12% interest."

Experian, one of the country's three largest credit-reporting agencies, considers 600 and under as "non-prime" or poor credit; 40% of the people surveyed classified a score of 400 and under as poor credit. "Your payment history can have the single biggest impact on creating bad credit, making up 36% of...