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Tuesday, June 19, 2012

MoneyTalksNews.com's article on destroying high interest debt


As usual, I love what MoneyTalkNews.com is saying.  Here's another excellent article from them about destroying your high interest debt. Definitely worth a read.

Another way to help destroy high interest debt?  Make sure your credit report is accurate.  Inaccurate derogatory payment histories kill your credit score.  Also, credit cards that don't report an accurate credit limit can hurt your credit score because that can affect your debt to available debt ratio.  Too high of a ratio is a bad sign to potential lenders, so they up the interest rate they charge you to cover their perceived added risk.

Also, make sure the balances reported by your creditors is correct.  Too high of a total balance of debt is bad for your debt to income ratio, which can also hurt your credit score.

But I digress.  Here's the link I mentioned - http://www.moneytalksnews.com/2012/06/19/ask-stacy-how-can-i-destroy-high-interest-debt/?utm_source=Money+Talks+News+Updates&utm_campaign=email-2012-06-19&utm_medium=email  Happy reading!

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