Certain debt relief strategies can have a negative impact on your credit — but is debt management one of them?
With average credit card interest rates recently surpassing 23% and retail credit card rates sitting above 30% on average, many Americans have found themselves trapped in a cycle of minimum payments and mounting balances. That can be a tough road to navigate in any economic environment, but in today's landscape, where prices on essentials continue to climb and household budgets remain stretched, it can be even more difficult to conquer.
As your balances decrease, your credit utilization also improves, positively impacting another 30% of your score.It's also worth noting that debt management programs don't carry the same negative credit implications as more drastic measures like bankruptcy or debt settlement. While your credit report will show that you're paying through a debt management program, this notation itself doesn't factor into your credit score calculations.
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