A few factors influence your credit history, including just exactly how much financial obligation you have actually. The type of debt you owe also matters at the same time. Generally speaking, financial obligation is categorized as installment credit or revolving financial obligation.
Focusing on how they vary — and exactly how they influence your credit score — makes it possible to decide what type to tackle first, if debt freedom is the objective. Continue reading “Installment Credit vs. Revolving Debt: Which Will You Spend Down First?”