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Quick Credit Lesson #18:
Do you want to get ahead in life but feel like your credit is holding you back? Well, this may be true. Creditors will be much more reluctant to give you a loan on a car or a house if you have a high debt to income ratio. To get out of credit card debt takes time, effort, and discipline. But if you consolidate your debt using debt consolidation counseling services, this time period can be shortened and your stress lessened. When you consolidate your debt, you will be making just one, much lower monthly payment.
Repossession - Surrender of merchandise required as a result of the inability for a customer to pay as promised.
Revolving Account - An account that requires a minimum payment each month plus a service charge on the remaining balances. As the balance declines, so do the service charges.
