Does consolidating credit card debt mean

Posted by / 23-Dec-2019 07:50

Borrowers can accumulate credit card debt by opening numerous credit card accounts with varying terms and credit limits.

You don’t need debt rearrangement—you need debt reformation.

Credit bureaus track each individual credit account by itemized trade lines on a credit report.

The aggregation of outstanding credit card debt from these trade lines sums to a borrower’s total credit card debt which is used by credit bureaus to calculate credit utilization, an essential component of a borrower’s credit score.

Most of the time, after someone consolidates their debt, the debt grows back. They don’t have a game plan to pay cash and spend less.

In other words, they haven’t established good money habits for staying out of debt and building wealth.

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