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.

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

Late Payments for Debt Settlement Hurt Credit Scores

February 28, 2013

Dear Experian, I am considering signing up with a debt settlement company. They told me that in order for them to negotiate the best deal with my creditors I must...

Do You Need a Debt Management Firm

October 12, 2011

Dear Experian, Debt management companies are able to negotiate lower interest rates on unsecured debt. Can consumers do this themselves? Would it be viewed the same as having a debt...