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Trying to pay off debt on time key to better credit score, though those struggling may consider debt consolidation
By Marvin Milner on Feb 8th, 2010
A credit score can be an important factor when trying to get a loan or even a new job, which means consumers should work to maintain their financial status.
Recently, Colorado television station KXRM spoke with Bill Stanley, who works as a money coach. Stanley noted that the first step is for people to know what their credit score is. Once they do that, they can work on the factors that may lower it.
"The first and biggest is repayment history, so pay your bills on time," Stanley told the station.
Other things that affect a credit score include how much debt a person has versus the amount of credit lenders have extended to them. Consumers need to work on keeping their debt obligations low.
Of course, not every person has the financial means to be able to pay off their bills at current interest rates, especially as past mistakes could compound what they owe. One option they may consider is debt consolidation, which may help people pay off their debt at a lower interest rate, though it could also have an effect on one's credit score.
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