Will an Unsecured Loan Hurt My Credit
A common concern many of our clients have is, will paying off credit card debt with a unsecured loan hurt there credit. The answer is it will only help your credit.
Anytime you can pay off revolving debt like credit card debt with simple fixed or installment debt it helps your revolving utilization. Revolving Utilization or Debt to income ratio is the amour you make compared to your monthly debt. Less payments against your income is very important to your credit.
We recommend that after paying off credit cards with loan try not to put yourself back into credit card debt again. It could be harder the next time to get another loan.