If your credit score is lower than average, it may be tough to pursue debt consolidation — but it's not impossible.
If you're carrying a balance on your credit cards right now, chances are you're feeling the impact of the compounding interest charges on your account. After all, credit card rates are hovering at a record high of nearly 23%, and the average person has about $8,000 in credit card debt currently, so it doesn't take much time for your card balances to balloon.
When you enroll in a debt consolidation program, your existing unsecured debts are consolidated into one loan, typically issued by a third-party lender partnered with the debt relief company. This loan generally comes with a lower interest rate than your credit cards, potentially saving you money over time and rolling multiple payments to various creditors into a single monthly payment.One of the main advantages of these programs is the accessibility.
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