Wealthier people have access to resources that can help manage credit issues, such financial planners, said Bob Annibale, global director of Citi Community Development and Inclusive Finance.
Poor credit leaves people behind: “It’s not part of an inclusive, growing society,” Annibale said. “People need a financial identity.”
“If you don’t have a credit card you’re not going to generate a score,” said Ricki Granetz Lowitz, CEO and co-founder of Working Credit, a nonprofit that offers a financial education benefit to employees.
But many people who are struggling with the combination of low income and access to credit incorrectly believe that they should avoid credit altogether. They are, in fact, good money managers, Lowitz said, who want to use money prudently.
Source : CNBC
