Credit Advice » Debt » Managing Debt

Managing Debt

Your credit report is a detailed profile of your credit history, but it’s also a testimony to how well you’re managing debt. A history of on-time payments can let lenders know you manage debt well. Late or missed payments, bankruptcies, and repossessions can be a red flag for lenders.

People use many tactics to manage their debt. Some are effective and others less so. Before you apply for credit, it’s important to understand what’s on your credit report and how certain debt management strategies may affect your credit.

Can You Negotiate Credit Card Debt?

February 16, 2017

Dear Experian, I am completely overextended with credit card debt but pay my bills on time. If I call a credit card company and negotiate a settlement or lower...

I’m Thinking About Consolidating My Debt. Is That a Good Idea?

February 9, 2017

Dear Experian, Is it a good idea to obtain a personal loan to consolidate or pay off credit card debt? I currently pay approximately $800 a month to credit...

Can You Pay Your Student Loans with a Credit Card?

February 7, 2017

Dear Experian, I am on disability income but have not yet been able to get my student loans forgiven. If am unable to get them forgiven, can I take...

How Will Using My Credit Card for Large Purchases Affect My Credit?

December 8, 2016

Dear Experian, If I have an introductory zero-interest window on a new credit card (15 months), and I use that card to pay off a home renovation – will...

What is Debt Management?

October 18, 2016

Dear Experian, I have significant credit card debt and I’m considering a consolidation loan. Is this a good idea? What other debt management options are there? – JCB Dear...

I’ve defaulted on my student loans. Should I consider loan rehabilitation?

October 18, 2016

Dear Experian, I had some financial difficulty last year and defaulted on my student loan in an amount close to $5,000. I have the money to pay it off...

What is a cash advance? Will it hurt my credit to get one?

October 4, 2016

Dear Readers, We sometimes get asked what a cash advance is and if it can hurt credit reports and scores. A cash advance is essentially a short term loan...

Should I get a personal loan to pay off my credit card?

September 22, 2016

Dear Experian, The balance on one of my credit cards is so high that making payments has been difficult. What’s the best thing to do with minimal damage to...

I have a large amount of debt from payday loans. What do I need to know about payday loan relief and debt consolidation?

September 20, 2016

Dear Readers, We sometimes get asked about payday loans and debt consolidation. Payday loans are short-term loans where an individual can borrow funds needed to cover unexpected expenses until...

Debt Consolidation Can Help or Hurt Your Credit

July 17, 2014

Dear Experian, Does debt consolidation for credit cards with high interest rates help your credit? - SRO

Debt Management Plans and Your Credit Report

September 10, 2013

Dear Experian, Companies can negotiate with credit card companies and reduce your interest rate. They close your cards and you pay them a flat amount each month that goes towards...

The Impact of Credit Counseling on Credit Scores

August 13, 2013

Dear Experian, How does credit counseling affect credit scores, and will credit counseling result in damage to one's credit report or score? - AKN