Don’t Load Up on Debt to Build Credit


An individual’s credit score is one of the most important numbers attached to their identity. It can play a deterministic role in your financial decisions because it impacts your ability to be approved for loans and credit cards, how much interest you pay and the likelihood you’ll be approved for renting an apartment. Several websites and companies offer financial advice on how to boost your credit score because the number is so influential, but be wary of taking generalized advice from those who don’t know your unique circumstances.

One tip that many credit score gurus will frequently suggest is taking on debt to build up some credit. While this strategy can be effective, it’s important to recognize the risk involved. If you’re not cautious, you can wind up in a much worse position and even further in debt. Consider both your budget and the interest rates that your credit cards carry. There are alternative methods of raising your credit score, such as applying for a secured credit card or credit-builder loan that reduce some of the risk involved with building credit.

If you or a loved one is overwhelmed with debt, a knowledgeable debt attorney can be a valuable asset for you. With over 30 years of specialized bankruptcy and debt experience, attorney Joel R. Spivack knows how to best represent your interests. Together, we will develop strategies to reduce your debt, negotiate with your loan providers or creditors, prevent wage garnishment and protect your rights.

While our law firm focuses on bankruptcy, we can provide helpful alternative solutions to your debt issues when bankruptcy is not the best option for you. Our goal is your long-term financial stability. When you are ready to begin working on your case, contact the Law Office of Joel R. Spivack at 856-488-1200 or via our convenient contact form.

The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney/client relationship. If you are seeking legal advice, please contact our law firm directly.

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Attorney Joel R. Spivack is an experienced bankruptcy and residential real estate transactions lawyer in Cherry Hill, New Jersey. Clients come to us for legal services, but what we really provide is peace of mind. For more than 30 years, Attorney Spivack has helped people make wise, informed decisions about bankruptcy filings, debt relief options and residential real estate transactions.
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