If your credit score is on the lower side, you could be paying a "subprime tax" that adds up to more than $100,000 over the course of your life, according to a Bankrate study. The study found that borrowers with a 620 credit score or lower pay an average of $3,400 more each year for essentials like loans and insurance compared to those with higher scores.
For roughly one in five U.S. adults — the share of Americans with subprime credit — that extra cost can have a big impact on financial stability.
