WHAT? Poll says 68% of Americans destroy their credit before 30

We’ve all made mistakes in our youth. One of the things about being young is that you’re supposed to err from time to time, but the important aspect is to learn from those errors. It’s a part of life.

Now, making mistakes like quitting a job without any notice or hitchhiking with a guy who looks like a cast member of “The Texas Chainsaw Massacre” are some of the poor judgment calls we’re talking about.

But what about personal finances, particularly credit? Well, a new poll finds that we mess up big time in our younger days, and considering our swelling debt levels, we’re not learning.

According to a new survey by Credit Karma, a whopping 68 percent of Americans destroy their credit before the age of 30. These mistakes will eventually cause harm to the fiscal well-being of consumers as they get older, whether it’s for a mortgage or a line of credit.

What about credit? The poll says some of the mistakes include overspending on credit cards, missing bill payments, defaulting on a loan or having an account sent into collections.

“These early mistakes can have a lingering impact on the quality of people’s lives, and we feel that with better, targeted education and learning tools for new-to-credit consumers, this cycle can be broken,” said Kenneth Lin, Credit Karma’s founder and CEO, in a statement.

Essentially, the bigger the cost, the longer it’ll stay on your credit report. In most cases, it takes the average consumer between seven and 10 years to get rid of the negative marks on their credit reports.

“I think what a lot of people don’t realize … is how a missed payment can stay on your credit,” Bethy Hardeman, chief consumer advocate at Credit Karma, told CNBC. “It can be one mistake that you don’t think is a big deal that can cost you thousands in the long run.”

One of the bigger issues could pertain to age. Half of respondents said they received a credit card by the age of 21, but nearly three-quarters (72 percent) concede they received no personal finances education prior to going to college.

In the end, the use of credit can showcase how good you are not only with money but other people’s money. The higher the score, the greater the chance a lender or a business will extend credit to you.