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Here’s what Americans with good credit understand about debt | Nasdaq
Source: Photo by NORTHFOLK on Unsplash

Here’s what Americans with good credit understand about debt | Nasdaq

79% of Americans whose credit score is 600 or higher said they purposefully take on a debt in order to build credit. Financial expert all have varying opinions on debt, with some saying everyone should avoid all debt except for a mortgage. However, in order to build credit, one has to take on a debt that they make timely payments on. Borrowing with the wrong kind of loan can be harmful, such as a car payment with a 24% interest rate. Purposeful borrowing should be used after checking into interest rates and time frames in order to build credit, or when it comes time to buy a house or a vehicle you will struggle to get approved.

Source: https://www.nasdaq.com

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