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Paying off credit card debt important for credit scores, so some may consider debt consolidation to help with interest rates
01/26/2010
Trying to pay off debt is one way consumers can be more responsible regarding building their credit score.
However, past credit mistakes can still haunt people, especially things like bankruptcies and tax liens. In a recent posting on her website, financial expert Liz Pulliam Weston relayed a letter from a reader who was trying to rebuild a credit score. Both a tax lien and judgment appeared on the reader's credit report.
In order to try and stave off the effect of things like a lien or bankruptcy, Pulliam Weston recommended that they act responsibly with their credit card debt accounts. She said that people should use less than 30 percent of their available credit, while using less than 10 percent is an even better goal to try and achieve.
"Being responsible with your credit accounts means paying them on time and using only a fraction of your available credit card limit," Pulliam Weston said.
Of course, not everyone has the ability to pay off their debt, especially with lenders increasing fees and interest rates. One thing people may be able to do is to seek debt consolidation. Doing so may lower interest rates on credit cards, which could help to pay them off more quickly.
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