This results in accumulating interest and so increasingly unpayable bills. If you use one credit card to pay off another, for example, you are paying interest on interest, and paying off the new credit card bill will be more difficult.
This method will also mean that you will always be looking for new credit and new debt to pay off your increasing debts. It makes more sense to get a second job or arrange for a new payment schedule.
Paying off your debts with another debt may help you in the short run - you will not have a late payment on your credit record - but in the long run the larger debt load will make maintaining good credit more and more difficult. The only exception to this rule is debt consolidation, in which all your bills are paid by one lender, who then becomes the only creditor you owe money to.
Credit Repair and Your Emotions
It is a subject that few people discuss, but more and more therapists are talking about it - the key link between our emotions and our money. We may think that money is all about our rational selves, but in fact our emotions are often very much invested in our pocket books.
If we want to repair our credit, we have to deal with the emotional as well as the numerical side of money. There are a few tips that financial experts now believe can help you harness your emotions in a way that can actually help you improve your credit score:
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