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Usually the credit limits on these cards are low, which you think is a good thing—it will keep you on track. A fixed payment schedule helps you pay off your debt more quickly, putting you back on the road of financial health.

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Others enter into credit card debt when starting a family or being in between jobs. Now, instead of having multiple credit cards, you have one balance without the creeping interest rates and fees charged by the credit cards companies. Credit card companies flourish on college campuses, and the card seems like such an easy way to take care of your expenditures when you don’t have cash in your pocket. Then one day, it hits you, your income is not anywhere near enough to make even the minimum payment on all the credit cards and other loans and you start missing payments, the credit card is blocked, lenders are demanding full payment and you are staring at ,000 in debt. Peerform loans can help you with credit card debt consolidation. Resorting to payday loans just to make your rent payment? Some of your credit card debt could have began in college. Now you have multiple cards, and you can pay the minimum on all of them, and the picture still looks pretty good in your eyes. In the meantime, you also have your student loans and maybe you decide you need a car.What lenders are looking for: Any reputable lender will check your credit history and ask about your income and debt when deciding whether to offer you a loan.Your credit history directly affects the interest rate you are offered, and so does your ability to repay the loan.

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