Living debt free in this modern era has its own advantage and disadvantages. In the US, a student loan can help you get an education and increase your earnings potential.
Everyone wants to do their debt-free scream but are they setting themselves up for pain in the future?
It’s not that managing your debt or paying it off is dangerous. I pay my credit card balance every month and fully support the need to get out from under your debt.
Potential employers and landlords can also look at your credit report. It’s totally legal and could keep you from getting the job or home you need. Becoming debt free is one thing but you still need to manage your credit score.
The first thing you need to do to fix your credit score is to get everything bad removed from your report. You can file a dispute with the credit bureaus to remove the mark from your credit report.
Our second trick to fixing your credit fast is to pay down revolving debt and asking for a credit limit increase.
Your credit score hates revolving debt like credit cards. That’s any debt without a payoff date or a fixed monthly payment. So when you’re prioritizing debt payoff, make extra payments to your credit cards first.