Not managing your debt wisely can result in ________.
A decrease in your credit score.
Not managing your debt wisely can result in ________
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Not managing your debt wisely can result in ________.
A decrease in your credit score.
Not managing your debt wisely can result in a decrease in your credit score.
When you miss payments or carry high balances relative to your credit limits, it signals to creditors that you may be a riskier borrower. This can lead to a lower credit score, making it more challenging to secure loans and credit in the future. It’s important to keep track of your debt and make payments on time to maintain a healthy credit rating.
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Not managing your debt wisely can result in a decrease in your credit score.
Explanation: When you use credit, lenders report your payment behavior to credit bureaus. If you miss payments, accumulate high balances compared to your credit limits, or default on loans, these actions negatively impact your credit score. A lower credit score can affect your ability to obtain new credit or loans in the future, often at higher interest rates.