Here are eight tangible steps you can take to improve your credit score. Your credit score directly impacts your ability to get approved for financing, including credit cards, loans, and mortgages.
The Borrowell Team
Feb 04, 2021
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Can’t get rid of a pesky lingering credit card balance? Having a dedicated debt payment plan certainly helps… but sometimes you have to address your debt issues at the source. Did you know that, at an average interest rate of 20%, credit cards are among the costliest loans out there? What if you could switch your debt to a different type of loan, with a much lower interest rate?
DID YOU KNOW: Credit cards are a type of “revolving credit”, meaning they don’t have an amortized pay-off schedule. That means the debt can stick around forever – and you are charged a much higher rate of interest.
Term loans are fixed both in terms of monthly payments and length of loan. You always know how much you are going to pay and when the debt will be completely paid off. You’ll have slightly higher monthly payments, but it will lead to huge cost savings over time.
If you’re carrying credit card debt and it’s got you down, do some research on the options that are available to you to reduce both the interest charges and the ‘time to debt-free.’ Companies like Borrowell were established to help you reduce your credit card debt and get you to that amazing debt-free feeling.
Check your free credit score with Borrowell in 3 minutes or less!
Rob is an entrepreneur and multiple-time startup operator. Rob has previously led growth & marketing functions for high-growth companies such as Borrowell, PolicyMe, and Properly.
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With all the different credit options available in Canada, it’s important to understand the differences between each one so that you can find the right product for your needs. Credit can be useful to help you establish a history and finance purchases, but should be used mindfully.
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