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Debt is the amount of money you owe to a lender or creditor. Some examples of debt are mortgages, credit card dues, and personal loans. Although accruing lots of debt isn’t ideal, it may sometimes be unavoidable, such as mortgage payments or student loans. If your rate increases, your credit score will be negatively affected.
Once you receive the funds, you’ll use the money to pay off your credit card debt. On the other hand, some lenders will directly pay creditors, which removes the hassle on your end. Pros You can get low interest rates if you have good credit. A fixed interest rate keeps your monthly payments constant.
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