By: Kim Soyung

Debt elimination plays a huge role when deciding on credit solutions.  Do you have poor credit?  Did you apply for several credit cards and max them out, knowing you would not be able to pay them off at the end of the month?  You’re probably now up to your neck in credit card debt and student loan debt.  By now your credit score is lower than you would like and you’re trying to kill 2 birds with one stone: eliminate your debt while maintaining good credit.

Paying off all of your debt is easier said than done.  Do what you can to decrease your overall spending and focus on paying off as much of your debt each month as you can.  Start by paying off your credit cards with the highest interest rate, but still make your minimum payments on cards with lower rates.

Your credit score will not increase overnight by paying off your debt, but as you pay it off, eventually you will see an increase and more of an abundance of credit.