Debt settlement isn't the only option you have to reduce your credit card debt. These other options can, too.
In today's economic landscape, credit card debt has become a pressing concern for millions of Americans. The collective credit card debt nationwide has reached a staggering $1.14 trillion, with the average cardholder owing approximately $8,000. This alarming trend is exacerbated by record-high credit card interest rates, which are pushing more borrowers to default on their payments or max out their credit limits.
This simplifies your payments and can reduce the amount of interest you're paying, making it more affordable to pay off what you owe.Pros: You can lower your interest rate and have only one monthly payment to manage. This method can help you get out of debt faster and save on interest if you can secure a low-rate loan.Cons: You may not qualify for a loan with a lower interest rate if your credit score is poor.
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