A few facets influence your credit rating, including exactly just how debt that is much have actually. The type of debt you owe also matters at the same time. Generally speaking, financial obligation is categorized as installment credit or revolving financial obligation.
Focusing on how they vary — and just how they affect your credit score — will allow you to decide what type to tackle first, if financial obligation freedom is the objective.
Installment credit vs. Revolving financial obligation: What’s the distinction?
Installment credit is financial obligation which you repay on a schedule that is fixed. Continue reading “Installment Credit vs. Revolving Debt: Which Will You Spend Down First?”