(PRWEB) November 19, 2004 -- Credit report scores drop dramatically due to delinquent payments from overspending during the holiday season which begins next week. SPENDonLIFE.com (http://www.spendonlife.com), a consumer savings website that provides credit reports, advises holiday season shoppers to keep a close eye on their expenses this year in order to avoid a credit report nightmare. A study by Experian Consumer Direct reveals that consumers with one missed payment in the last year have an average credit score of about 160 points lower than the average of those with no delinquent payments.

“A 160 point difference in your credit report history can mean paying hundreds or even thousands of dollars more on mortgages, car loans, or insurance,” says SPENDonLIFE.com President Mark Henry. “Late payments are not something to take lightly. Consumers should not spend money they cannot pay back.”

The study indicates that 55 percent of U.S. consumers have at least one delinquency on their credit file and 34 percent have a delinquency in the last year.

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