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Credit-Card Debt Can Sink Your Credit Score

Wednesday, December 19, 2012 - 1:16 PM
From Bloomberg BusinessWeek, just in time for the debt-ridden holiday season: 
Your obligations to credit-card companies carry more weight on your credit report than bigger debts, such as home and student loans.  That’s one of the findings from the Consumer Financial Protection Bureau’s new report (PDF) on the credit scoring industry. 

[...] Since each late card payment counts against you separately, and people tend to have multiple cards, the cards often carry more weight. In other words, being behind on your credit-card payments matters more to your credit score than your consistency in repaying bigger debts, such as home and student loans.

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pearlbrownpearlbrown1,467 posts since
Nov 2, 2010
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