Consolidating Debt Can Lead to a Better Credit Score

Americans historically lose financial ground and stack up debt in recessionary environments, and that’s what seems to be happening already at the mid-point of 2022.

According to a new Forbes survey, Americans have added $266 billion in household debt from the fourth quarter of 2021 to the first quarter of 2022, with two-thirds of consumers saying they’re “blowing through savings” as the price of just about every commodity churns upward.

That scenario leaves consumers vulnerable to a lower credit score and weaker leverage, as good credit is hard to get when a FICO credit score sinks below 660 or so.

Leave a Reply

Your email address will not be published.