Is paying Credit card Debt with your Savingswise?

We guess that you might be wondering if the topic is chosen wisely or was is it any spelling mistake or word mistake! Well, not! We are completely clear about what we are talking! Yes, we are talking with complete information and sense.

Why do you have savings? Sounds weird? The answer might be simple, to save us in cases of emergencies and droughts. Who never has an emergency these days? All of us do! What if you have a credit card debt or even a basic personal loan on your savings account? How can you save in such circumstances?

You will get a higher score on credit card debt payment:

 

 

  • Yes, this is true. If you pay up your credit card debt, a little early, after a year, you are bound to receive agood score on your credit history, which will be helpful for future transactions. Whereas if you hold the debt for long, your score will decrease, considering you as a bad payment maker, who isn’t efficient to pay debts on time?


    You will be easily qualified for future finance loans:


    Yes, when you repay your debt on time, or even before, the banks will recognise you as a loyal customer and will be happy to lend a hand the next time you go with an application for any other form of financial support. Just imagine, you are paying the debt in one shot with your savings, rather than saving separately; ultimately you must and should pay, but paying earlier has so many vast benefits.


    Your future will be bright with great savings:

     

    If you start thinking in this direction,then we are assured that you will have a bright future, with good savings and great financial stability. Once you learn to balance and take timely decisions, your financial stability will improve which will be explicitly seen on your credit handling experiences and will have a better future with increased support.