Statisticians like to come up with explanations for the stranger and truly puzzling things the general populace does. These folks also come up with deceptively simple conclusions that open our eyes to the way we act.
Like the connection between impatience and low credit scores, for example.
The U.S. Federal Reserve studied 437 individuals with low-to-moderate incomes by analyzing their credit scores and having them fill out questionnaires. One particular observation was that impatient individuals tended to have lower credit scores.
The researchers conclude that these individuals prefer using money for the moment’s benefit instead of saving that money to pay off debt. It has even been proposed that some individuals take this concept to the point where they “strategically default” on their loans.
Impatience is, of course, just one factor in a sea of other factors that determine the credit score of an individual person. A lot of other factors like unemployment and financial emergencies could cause your credit score to take a serious hit.
Personally, though, I do believe that patience is very important if you want to succeed. Remember, it takes a lot of effort to plan for the future. It takes even more effort to bring those plans to fruition.