Debt Consolidation

Between travel, meals, experiences, and gifts for loved ones, it’s no surprise that consumer spending often peaks around the holiday season. In recent years, though, this spending has increased to now-record levels, leaving many families facing high balances come January.

According to a recent study from Experian, the average credit card account has a balance of $5,221. Based on data from the Federal Reserve, though, the average credit card also has an interest rate well into the double digits, which can cost cardholders thousands of extra dollars over the course of their debt repayment.

The start of a new year is always an exciting time. After the holiday season has wound down, the presents have been put away, and the last of the extended family has gone home, many of us are left reflecting on what the past year brought and what we hope to get out of the year to come.