Debt & Credit Management Resource Center
Regain control, boost your score, and eliminate what’s holding you back.
Debt & Credit Management
Reducing debt improves your credit score and creates financial freedom.
Eliminating Debt:
Eliminating debt can lead to an increase in your credit score, enabling you to regain control over your finances and use credit more effectively within your budget. Consider employing a debt repayment strategy, such as the Snowball method or the Avalanche method, to pay off your debts more quickly and efficiently.
Understand credit scores and reports:
Taking the time to review your credit report and credit score is a great way to empower yourself financially. By understanding what steps you can take to improve your credit score, you can also identify factors that may be holding it back. This proactive approach will help you make informed decisions and work towards achieving your financial goals.
Utilizing Credit Effectively
To manage your credit effectively, aim to maintain your overall credit utilization at 30% or less. This approach will give you the leverage to request a higher credit limit and potentially secure a lower interest rate if the market rate is lower than what you currently have.
Get Started With These Powerful Tools
Monthly Debt Tracker
This Monthly Debt Tracker helps you manage and eliminate debt by organizing accounts and tracking progress towards financial freedom.
Credit Report Checklist
Check your credit report at least once a year. Use this checklist to ensure accuracy and spot items that may need disputing.
Credit Score Review Sheet
To improve your credit score, review the factors affecting it using our credit score review sheet. This proactive approach will help you make informed decisions for enhancement.
Smart Debt & Credit Tips
Strategic Debt Repayment: Focus on One Account at a Time
Maximize Your Credit Card Benefits Strategically
Understanding the Five C's of Credit Risk
Debt Payoff Calculator:
The debt snowball technique helps pay off debt by focusing extra payments on the lowest balance first. After that debt is cleared, you apply those payments to the next lowest balance. Use our calculator to estimate how long it will take to pay off your debts.
NOTE:Â While focusing on one account at a time, continue to contribute at least the minimum payment towards your other debt accounts.Â
Debt-To-Income Ratio
The debt-to-income ratio helps you assess what portion of your income goes toward debt. Understanding this ratio can enhance your loan or credit line application, as many lenders consider it during their evaluation.
