In Q1 of 2020 alone, US consumers accumulated credit card debts worth $893 billion, according to the New York Fed Reserve. But are consumers making any efforts to clear off these balances?
Any attempts to reduce this growing hill of debt is a win-win for cardholders and credit card companies, but many debtors won’t pay off balances because of myths and misinformation.
The majority believe that clearing your debt in full could negatively impact your credit score, a rumor that experts seek have so far discredited.
Can Clearing Credit Card Balances in Full Affect Your Score?
No, it can’t, according to experts. In truth, settling all credit card debts can even improve your credit score and offer many other benefits as we’re yet to see.
As Nami Baral, CEO of Harvest, says, “It not only impacts your credit score positively but also shapes your overall financial health.”
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