Consolidating credit card debt with a loan
Often, credit card debt is spread across several different cards, leading to multiple statements and payments.
A credit card debt consolidation loan combines the balances owed into one larger loan.
Add in mortgage payments and student loans – plus a cost of living that's outpacing income growth – and it's no wonder that the average American is looking for credit card debt relief.
Combining all debt into one loan reduces your total monthly bills into one single payment, making it easier to plan your finances.
Missing just one credit card payment could damage your credit score and add interest to your monthly payment.
The best thing about these credit card debt consolidation strategies is that they can potentially help your credit rating, as you will be paying down your debt more efficiently, and you won’t have all those maxed out credit cards anymore.
If you're ready to take control of your credit card debt, one thing is certain: you're not alone.