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3 years ago

Prompt Why is it important to eliminate debt as soon as possible? Read More >>

Business

2 answers:

stich3 [128]3 years ago

7 0

Explanation:

You don't make the decisions about your finances until you have an outstanding debt; your creditors do. You determine how much you are charging for charge it. In some situations, you can increase the interest rate and the minimum payment and you can change your spending to suit it for less than two months.

You Should try to clear out the debt as quickly as possible, but not merely because it saves you money. The side effects of debt will influence other crucial aspects of your life so you don't make more profit and get what you want.

You exude confidence, however once you are out of debt. "You are appealing to people,". "And what do you guess? You draw money instead. So get out of your debt then hold out your debt, if you ask me, the quicker the better.

choli [55]3 years ago

3 0

Important to eliminate debt as soon as possible

Explanation:

1.Because the longer you hold on to your debt, the more interest you will have to pay, which means overall you will pay less than if you pay down the debt quicker.

2.The closer your credit cards and loans are to the limit, the lower your score will be. A bad credit score can cost you thousands of dollars a year in higher interest rates, making it harder to escape from your debt trap. ... Better interest rates on any future loans. Lower insurance premiums.

3.Paying off your credit card slowly typically will not boost your credit scores. The two most important factors affecting your credit scores are: Payment history: Always pay your credit card payment on time. Credit utilization rate: Don't use more than 30% of your available credit.

4.Reasons Debt Is Bad for You

Encourages You to Spend More Than You Can Afford. ...
Costs Money. ...
Borrows From Your Future Income. ...
High Interest Rate Debt Causes You to Pay More Than the Item Cost. ...
Keeps You From Accomplishing Your Financial Goals. ...
Debt Can Keep You From Owning a Home. ...
It Can Lead to Stress and Serious Medical Problems.

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iVinArrow [24]

Answer:

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Vitek1552 [10]

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Explanation:

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