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Installment Credit vs. Revolving Debt: Which Will You Spend Down First?

Installment Credit vs. Revolving Debt: Which Will You Spend Down First?

A few factors influence your credit rating, including exactly how much financial obligation you have actually. The type of debt you owe also matters at the same time. Generally speaking, financial obligation is categorized as installment credit or debt that is revolving.

Focusing on how they vary — and exactly how they affect your credit score — makes it possible to decide what type to tackle first, if financial obligation freedom can be your objective.

Installment credit vs. revolving financial obligation: What’s the real difference?