Drowning in credit card debt? Consolidation does more than you might think.
Credit card debt is growing fast in today's economy. Between the average credit card interest rates sitting above 23% and interest charges compounding daily, even small purchases can balloon into large balances. Add in today's high costs for housing, food and basic needs, and many Americans have found themselves trapped in a cycle of growing credit card debt.Debt consolidation offers a potential solution if you're facing high balances across multiple cards.
'Saving money on interest is a huge reason to do debt consolidation,' says Andi Wrenn, a member of the board of directors for the Association for Financial Counseling, Planning Education . With today's steep credit card rates, switching to a lower-rate consolidation loan can save you thousands in interest charges.The savings grow even bigger when you make extra payments. Each additional dollar paid reduces your principal balance directly.
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