How does debt affect my credit score?
An example of an AI chatbot conversation about how debt impacts credit scores.
How does debt affect my credit score?
Debt can significantly impact your credit score. High levels of debt, especially credit card debt, can lower your score.
What types of debt are most harmful to my credit score?
Credit card debt is often the most harmful due to high utilization rates. Other debts, like personal loans, can also affect your score.
How can I improve my credit score if I have debt?
To improve your credit score, focus on paying down high-interest debts, making payments on time, and keeping credit utilization low.
Is it better to pay off debt or save money?
It depends on your situation. If you have high-interest debt, paying it off first is usually better. However, having some savings for emergencies is also important.
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