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The Jones family would like to buy a home, but they have a large amount of debt that has led to a weak credit score. What step could the Jones family take to improve their credit?
They could ask a credit agency for assistance with paying off debt.
They could declare bankruptcy to eliminate the debt they owe.
They could hire a financial adviser to figure out how to pay off their debt.
They could ask creditors to defer loans while they apply for a mortgage.
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They could hire a financial adviser to figure out how to pay off their debt.
A financial adviser (or credit counselor) can help create a realistic repayment plan and budget to reduce debt and raise their credit score. Bankruptcy would hurt their credit, credit bureaus don’t pay debts, and requesting deferrals won’t generally improve credit.
A financial adviser (or credit counselor) can help create a realistic repayment plan and budget to reduce debt and raise their credit score. Bankruptcy would hurt their credit, credit bureaus don’t pay debts, and requesting deferrals won’t generally improve credit.
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