Debt

Is all debt bad? Is any debt good? How you perceive debt, and how it affects your credit, depends on many factors, including how much debt you have, how well you’re able to pay it, and the kind of debt. Too much debt is bad if it leaves you struggling to pay your monthly bills and affects your credit utilization ratio.

You have many options for dealing with debt and managing its impact on your credit. Explore to find out the impact of debt consolidation on your credit, how your spouse’s debt can impact your own credit, and whether or not you can remove existing debt from a bankruptcy.

How Long Do Collections Stay on Your Credit Report?

January 10, 2017

Dear Experian, How long does it take for a collection to be deleted from my credit report? – SMQ Dear SMQ, Your credit report is a history of all...

How to Find Out What You Have in Collections

December 15, 2016

Dear Experian, When I checked my credit report through an online service, my report showed that I had nothing in collections. When a bank that I went to pulled...

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...

How many credit cards is too many?

November 2, 2016

Dear Experian, I think I have too many credit cards and would like to close a couple. I have good payment history with these credit cards; however, I heard...

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...

What is the statute of limitations on debt?

August 23, 2016

Dear Experian, What is the statute of limitations on debt? I have an account on my report that was sold to a collection agency. Does the statute of limitations...

What is a secured credit card and will it help my credit?

August 2, 2016

Dear Experian, I don’t have enough credit history to generate a score, so I got a secured card with a $500 limit.  I have been making small charges, less...

Score Didn’t Improve After Bankruptcy Removed

July 17, 2016

Dear Experian, I recently had a bankruptcy removed from my credit report, but it didn't change my score. When or how do you update the credit score? - PLM