Consolidating Debt To Raise Credit Score
September 2, 2007 – 10:52 pmIt’s the time of the year again when school going children get back to school and break their parents’ budget. I pity some of my friends who need to take out loans against their credit card to be able to afford just that little extra so that their children will have new uniforms, bags, books and other odds and ends.
I feel that it is way too easy for people to take out loans, especially personal loans. There are things that we need and there are things that we want and I see most people confusing wants with needs and hence, wasting money on unnecessary purchases.
Some of them get into such a huge debt that they were advised to consolidate their debt into a single repayment. According to articles that I have read, debt consolidation could help raise a person’s credit score. Boy, do my friends need to seriously take steps to repair their credit standing!
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