Debt Guru

MARCH 6, 2020

Use the same formula that lenders rely on when evaluating a loan application. It’s called your debt-to-income ratio, and it’s your total monthly debt payments divided by your gross monthly income. The result is a percentage that determines your creditworthiness – in short, if lenders believe you’ll be able to repay the loan.

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Credit Corp

FEBRUARY 9, 2024

We’ll help you weigh those options and share several resources that can help you learn how to reduce debt over time. Each debt relief option has its pros and cons. Having good credit can help you secure better loans. While this helps by making one payment out of several, it’s not a strategy that directly gets you out of debt.

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Credit Corp

OCTOBER 25, 2023

Since payment history is the most important factor that influences your creditworthiness, not making payments on time can damage your credit score. The advantages of credit card consolidation include lower payments, faster debt payoff, and fewer bills to keep track of. How Does Credit Card Consolidation Work?

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Credit Corp

MAY 1, 2021

The consumer system is set up so that most purchases depend on applicant creditworthiness and a focus on being in debt responsibly. The average American builds credit by opening a credit card account, acquiring student loan debt, or making car payments. My Debt-Free Life Started Late in My Adult Life.

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Collection Industry News

JUNE 7, 2021

“We don’t want this easier access to credit to lead to an increase in consumer debt,” he says. Keep total debt manageable. “If If people only make minimum payments and keep making purchases, their debt will quickly grow,” he says. Pay off balances to avoid interest. Stay current on other payments.

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Debt Guru

OCTOBER 22, 2021

Your credit limit is also a calculation in your credit score, which is a critical piece of information that lenders use to judge your “creditworthiness” when applying for other loans. appeared first on DebtGuru Credit Counseling and Debt Management Services. The post New to Credit Cards? Here’s What You Need to Know!

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Credit Corp

AUGUST 8, 2024

The statute of limitations also depends on the type of debt that is owed—here’s a breakdown of the different types of debt : Written contracts: These are repayment term agreements that are signed by the borrower, like mortgages and loans. The limitation for this type of debt is an average of 6 years.

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