Are some kinds of debt worse than others for your finances?

Very good question. Some debts do impact your credit a lot more than others. For instance, if you pay rent to a landlord or furniture rental company then these types of debts aren’t typically reported to the credit bureaus.

The downside is that these types of debts are secured or have high importance given that housing is a necessity and not a want. The rental company can repossess their property, which is commonly referred to as their secured interest. On the other hand there are unsecured debt that is most likely reported to the credit bureaus.

These include credit cards and department store charge accounts. These are the debt histories that matter when applying for new credit. Having a high balance can also negatively affect your credit worthiness.

Typically creditors can call until you send them a written request to cease communication. This request can be sent at anytime rather it is within 1 month or several years of receiving calls from collectors and federal law requires them to cease calling once they receive this notice from the debtor. Debts remain on your credit report for seven years according to federal law, which requires them to be removed after this time period ends unless they include bankruptcies that can remain for up to 10 years.

Yes, repo cars and forfitifure mortage loans are the worst. If you have either chance of getting credit is none. Not paying phone bills, elect and public service bills can hurt bad also.

When looking for credit in collections if you have any of the above, its still put on credit but most agent won't hit credit more than once. Now credit cards can hurt . Most medical bills creditor tend to be more leyant.

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