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Yes, fundamentally, it is a type of unsecured consumer credit. You are receiving goods or services upfront with a contractual obligation to pay for them later, which is the definition of credit.
Pay it immediately. If you are normally a reliable customer, contact the lender, apologize, and ask if they would be willing to waive the late fee and not report the lapse to the credit bureaus. They often agree for a first-time offense.
Ensure the new loan’s interest rate is lower than your current rates, factor in any origination fees, and avoid extending the loan term too far, as this could increase the total interest paid over time.
Some providers may accept a reduced lump-sum payment to settle a debt, especially if you’re experiencing financial hardship. Always request this in writing.
Yes. While negative items remain, their impact lessens over time. Consistent, recent positive behavior like on-time payments is weighted heavily and will gradually improve your score.
