Your Upstart loan can be used to help refinance other debt into a lower, fixed interest rate loan. However, any loan is debt. If you use your Upstart loan to pay off other debt, you'll see your total debt go down once the other creditors update the credit bureau that you've paid off your obligation.
Ideally with a better APR, a fixed interest rate, and set loan duration, you will be able to pay off your debt faster. For example, if you used your Upstart loan to pay off certain credit cards (assuming you do not use those cards anymore) then by making your scheduled monthly payments, your loan will be paid off in the term you selected and your credit card debt will be eliminated.
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