People who have bad debt will also have a bad credit score. A bad credit score is not a good thing to have no matter if you own your home or are renting. A bad credit score means you will have a hard time finding a place to buy a car or other products on payments. If you do find a place to let you buy things on credit you will have a higher interest rate to pay. If you rent a place to live and want to rent a different place, it will be hard to find a new place to rent because of your bad credit history.
You can improve your credit score in several ways. One thing would be to always pay your current bills on time and pay at least the minimum payment each month. This will show you are responsible with your current life payments. A second thing would be to pay off your bad debt. For each bad debt you pay off your credit score will improve. Paying off your bad debt will show that you know you made a mistake and are trying to fix it. A third thing you can do to improve your credit score is not to have too many current credit cards. Your current credit cards should also not be maxed out. You should try to keep the balance of your current credit cards to a third or less of your credit limit.
There are several things you can do to manage your personal debt, Check out https://www.drcredit.com/ to learn how their team can assist you with financial growth even in your worst credit crisis. First work within a monthly budget and stick to it. Second thing you should do is pay off your outstanding or bad debt. This will help you to have more money in your retirement or for other things you want. When you stay within your monthly budget and pay off your bad debt your credit score will improve. A good credit score will give you more options in life when you do need credit to buy things you need and want.