Walking around with at least some level of credit card debt has become relatively normal in today’s society. The average American has thousands of dollars in revolving debt to their name, much of which is accompanied by a two-digit interest rate… and those numbers seem to grow higher each year.
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.
For many of us, debt is a necessary financial tool that we will likely utilize in our adult lives. We often rely on various forms of debt to pay for our education, purchase a family home or car, and even cover unexpected expenses such as medical bills or home repairs. In fact, among American households with debt, the average family currently has more than $155,622 in outstanding balances.
Juggling debt can be a time-consuming and often overwhelming experience. In order to manage multiple account balances, you have to worry about different interest rates, minimum payment amounts, and due dates for each debt obligation. Consolidating debt is a great way to not only simplify your repayments, but potentially save money along the way. Here’s a step-by-step guide to consolidating balances, and the possible benefits.
Juggling debt can be a time-consuming and often overwhelming experience. In order to manage multiple account balances, you have to worry about different interest rates, minimum payment amounts, and due dates for each debt obligation.
Our service is free and will NOT affect your credit scoreGet Started